Developing real estate technologies in Saudi Arabia… the goal of the Sovereign Fund and Samsung

Developing real estate technologies in Saudi Arabia… the goal of the Sovereign Fund and Samsung
Developing real estate technologies in Saudi Arabia… the goal of the Sovereign Fund and Samsung
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The Saudi Public Investment Fund signed an agreement with Samsung C&T to explore joint cooperation opportunities.

The agreement aims to adopt and develop innovative technologies for real estate development and construction projects, with the aim of benefiting from them in the fund’s local projects, according to the fund’s tweet on its official account on the social networking site “Twitter”.

Samsung C&T; A Samsung Group company established in 1938, operating in the fields of construction, engineering, trade, investments, fashion and the environment.

The Saudi Sovereign Fund recently signed an agreement with “Longi Green Energy Technology”; To localize the solar energy products and services industry in the Kingdom.

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The Public Investment Fund maintained the sixth rank among the largest sovereign wealth funds in the world, with total assets amounting to $607.42 billion by the end of 2022, according to the latest classification by the (SWF Institute), which specializes in studying investments of governments and sovereign funds.

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The fund, which was established in 1971, specializes in financing projects of strategic value to the national economy.

The Kingdom aims to transform the Public Investment Fund into one of the largest sovereign funds in the world by working to build a diversified and pioneering investment portfolio by investing in attractive investment opportunities at the local and international levels. In 2020, the Public Investment Fund managed assets worth $400 billion. The Fund has a portfolio of about 200 investments, of which about 20 are listed on the Saudi Stock Exchange.

According to the fund’s strategy for the next five years, the target is to double the size of its assets to exceed 4 trillion riyals, equivalent to $1066 billion, in 2025. The Crown Prince also mentioned that the target is to raise the fund’s assets to 10 trillion riyals in 2030, equivalent to $2.7 trillion.

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