Mideast Wealth Fund Taps Jadwa to Shift $1 Billion in Assets
Saudi Arabia's Public Investment Fund (PIF), one of the region's oldest sovereign wealth funds, has hired Jadwa Investment, a Saudi financial firm, to shift approximately $1 billion in assets as part of a significant strategic restructuring. The move is seen as part of PIF's broader efforts to diversify its investment portfolio and align it with the kingdom's economic transformation plans. Jadwa Investment, a prominent player in the Saudi financial sector, will be responsible for managing the asset transfer and repositioning the funds. The article suggests that this strategic shift reflects PIF's ongoing efforts to adapt its investment strategy to the changing economic landscape in the Middle East and align its portfolio with the broader objectives of Saudi Arabia's Vision 2030 plan, which aims to reduce the country's reliance on oil and diversify its economy.
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