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: Investment projects
Beginning in 2015 the PIF began making a number of high-profile investments, including acquiring a 38% stake in South Korea's Posco Engineering & Construction Co. in July 2015 and establishing a sizable fund with French firms in October 2015. In June 2016, the PIF acquired an approximate 5% stake in Uber for $3.5 billion. On 14 October 2016, SoftBank Group announced it had signed a memorandum of understanding with the PIF for the establishment of a London-based SoftBank Vision Fund which aims to invest up to $45 billion over five years in the tech sector. In March 2016, it was announced that ownership of Saudi Aramco would be transferred to the PIF and that the Kingdom will seek to list 5 percent of Aramco's shares by 2017. The PIF expects to become the largest sovereign wealth fund in the world with assets of $2 trillion. 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.