PIF to Invest SAR 4 Tn in Real Estate Sector
The head of the National Development Program at the Public Investment Fund, Ahmed Al-Shanqiti, said that the fund and its subsidiaries aim to invest 4 trillion riyals in the real estate development sector in the Kingdom during the next 10 years.
Al-Shanqiti added that one of the most important targeted projects is the Downtown Saudi project. The project aims to acheieve real estate development of 10 million square meters in 12 cities in the Kingdom. These cities will include the city of Arar, the capital of the Northern Border Region.
He continued, during his speech at the Northern Border Investment Forum today, that the Downtown Saudi project aims to create residential and hotel units in addition to entertainment and marketing projects. The Downtown Arar project aims to be a nucleus to enhance competitiveness.
Investments in Various Fields
The Saudi Public Investment Fund (PIF) is embarking on an ambitious journey to boost electric vehicles (EV) production. It is targeting to manufacture of 300,000 electric vehicles by 2030.
“In a collaborative effort, Public Investment Fund (PIF) and Pirelli S.P.A have launched a joint project aimed at establishing a tire manufacturing plant in the Kingdom,” said Saad Alkroud, senior advisor at PIF.
“The investment fund will own a 75% stake and Pirelli will hold the remaining 25%. This project exemplifies PIF’s broader investment vision,” added Alkroud in an interview with Al Arabiya Business.
Comprehensive Investments in EV Sector
PIF has taken a holistic approach towards investing in the electric cars sector, identifying it as a strategic domain. The fund commenced its investment journey in the electric vehicles EV sphere in partnership with Lucid, followed by Hyundai.
It further invests in relevant industries as the vehicles sector needs all potential to increase production capacity.
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