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Thu 20 Oct 2016 04:19 PM

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Saudi's PIF said to eye German blue-chips in foreign investment drive

Board member Ahmad al-Khateeb says Public Investment Fund will invest up to 20% of its assets abroad by 2020

Saudi's PIF said to eye German blue-chips in foreign investment drive
Frankfurt Stock exchange

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.

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