The Public Investment Fund (PIF), which is chaired by Saudi Crown Prince Mohammed bin Salman, is planning to open offices in New York, San Francisco and London.
“PIF is not just going to be only in Riyadh,” the fund’s managing director Yasir Al Rumayyan said on Wednesday. “We feel we need to be closer to our businesses over there,” he told a conference.
“Saudis are spending on an annual basis $20 billion on tourism outside of Saudi, we want to bring some of that back,” Al Rumayyan said.
It has big plans for growth. It is aiming to increase its assets from $224 billion to $400 billion by 2020, and raise the share of foreign investments in its portfolio from 10% to 50% by 2030.
It’s also hiring more people. PIF expects to have 700 employees by the end of this year, up from 450 at present. That number could rise to 2,000 by 2025.
“We’re hiring people from all over, from Saudi, from the region, from all over the world,” Al Rumayyan said.
Riyadh has maintained that neither bin Salman nor King Salman knew of the operation to target Khashoggi. US officials have said such a mission — including 15 men sent from Riyadh — could not have been carried out without the authorization of bin Salman.
“All these stories with Khashoggi, they don’t help,” Egyptian billionaire Naguib Sawiris said in an interview with CNN Business’ Emerging Markets Editor John Defterios on Wednesday.
“I don’t say I will never invest in Saudi Arabia. I say currently we need some transparency … Let’s say I have a quarrel with my Saudi partner and need to go to court, which court?,” Sawiris added.