Board member Ahmad al-Khateeb says Public Investment Fund will invest up to 20% of its assets abroad by 2020
Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) is eyeing German blue-chip companies as part of a strategy to expand its foreign investments, one of its board members told German daily Handelsblatt
"If you look at the world and search for stability, Germany is at the top," Ahmad al-Khateeb told the paper in an article published on its website on Wednesday. "We are of course looking at possible investments in German blue chips."
When asked whether the fund would be interested in investing in Deutsche Bank, al-Khateeb said: "Deutsche Bank has been very successful in Saudi Arabia, it advises us and we value their strengths and expertise in many countries. We are very optimistic about further cooperation."
Al-Khateeb said PIF would invest up to 20 percent of its assets abroad by 2020. By 2030, the fund aims to invest half of its capital in foreign investments.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.