Saudi Arabia will mobilize giant fund to reduce oil reliance

Targeting $1tn in assets, PIF seen becoming world's largest sovereign wealth fund

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Saudi Crown Prince Mohammed bin Salman, right, and IMF Managing Director Christine Lagarde, left, spoke Tuesday at the Future Investment Initiative conference in Riyadh.

HIDEMITSU KIBE, Nikkei staff writer

RIYADH -- Saudi Arabia will give its main sovereign wealth fund a greater role in creating an economy led by investment, instead of one dependent on oil.

The kingdom seeks to turn its Public Investment Fund into the world's largest sovereign wealth fund, raising assets to more than $1 trillion from an estimated $200 billion today. Established in the 1970s, the PIF is now tasked with investing globally in fields such as infrastructure and information technology.

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