Description
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$776 billion (£538 billion). It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia.
The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015.
More than 60% of the fund's activities are within Saudi Arabia. Within Saudi Arabia, the fund's investments primarily go to private conglomerates owned by prominent Saudi business families who have close ties to the Saudi ruling family. Outside of Saudi Arabia, the fund's investments into prominent foreign assets such as Premier League football club Newcastle United have generated controversy due to the fund's lack of transparency and close control by the Saudi government, which has itself faced significant criticism around the lack of human rights in the country.
