Saudis Eyes ‘Sizeable’ Investment to Enter Semiconductors
The PIF plans to control $1 trillion in assets by 2025.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is gearing up for substantial investments in both the semiconductor and space industries.[1]
Speaking at the World Economic Forum (WEF) in Davos, Saudi Minister of Communications and Information Technology Abdullah Alswaha disclosed the PIF's plans.
Alswaha revealed that the fund is eyeing a "sizable investment" in the semiconductor industry this year.
Additionally, plans are underway to establish a national space company.
Chairing the kingdom’s Space Agency, Alswaha emphasized the PIF's commitment to creating a robust space sector, citing the new space economy as the "next trillion-dollar opportunity."
By investing in communications within the space program, Saudi Arabia aims to connect the unconnected, with an estimated 2.6 billion people still lacking connectivity in 2024.
The PIF, a pivotal element in Crown Prince Mohammed Bin Salman's economic reform agenda, has rapidly amassed assets totaling around $700 billion.
The fund's diversification strategy spans investments in electric carmakers, support for emerging golf tournaments, and the development of an auto manufacturing hub on the West coast of Saudi Arabia.
The PIF plans to control $1 trillion in assets by 2025.
Highlighting Saudi Arabia's commitment to global partnerships, Alswaha affirmed the kingdom's openness to investment from both US and Chinese technology companies.