Title: Public Investment Fund - Wikipedia
Headings: Public Investment Fund
Public Investment Fund
Contents
Role
History
PIF post-CEDA
Investment projects
First Commercial Helicopter Company
See also
References
External links

Content: On 20 May 2017, during the Saudi-US CEO Forum which was part of President Donald Trump 's official trip to Saudi Arabia, the Public Investment Fund (PIF) announced plans to "invest $40 billion in infrastructure projects, mostly in the U.S." Saudi Arabia, which is "working to diversify its economy" entered into business deals with General Electric, Lockheed Martin, and The Blackstone Group. Blackstone, whose CEO and founder— Stephen A. Schwarzman —is a top supporter of Trump, entered into a non-binding memorandum by which the PIF committed $20 billion to the project. During the CEO Forum US-Saudi, arms deals were announced including a pledge to "assemble 150 Lockheed Martin Black Hawk helicopters" in Saudi Arabia, representing 450 jobs in Saudi Arabia" as part of the "$6 billion deal for Black Hawks." Qiddiyah, an entertainment megaproject was established on 7 April 2017, and is currently being built, is wholly owned by PIF. On 31 July 2017, the PIF announced it will spearhead the Red Sea project for luxury beach resorts built over 50 islands unlocking 200 kilometres (125 mi) of coastline. PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. On 7 August 2018, Elon Musk announced that he was considering taking automotive and energy company Tesla private and that funding was "secured." In a follow-up blog post six days later, Musk said the Saudi Arabian sovereign wealth fund had met with him several times since early 2017 to express interest in such a move "because of the important need to diversify away from oil." As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. On 29 January 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion.