Public Investment Fund

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted its and oversight transferred to the Council of Economic and Development Affairs (CEDA), the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. The PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 66 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021.

 PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 - one of the Vision 2030 realization programs - aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR 150bn annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Saudi Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

Vision International Investment (“Vision Invest”)

Vision Invest, formerly ACWA Holding, is a leading Saudi Arabian development and investment holding company at the forefront of Public and Private Sector Partnerships in the Kingdom of Saudi Arabia, the Gulf Cooperation Council and beyond. Since 2002, Vision Invest has nurtured synergetic partnerships with leading local, regional, and global partners and refined a boutique investment model to deliver sustainable value to clients through impact investments. Vision Invest, together with its clients and partners, has built and developed a diverse portfolio of holdings across a wide range of vital sectors, including power generation, water desalination, industrial gases, logistics, transportation, district cooling, wastewater treatment, energy efficiency, and social infrastructure.


Tabreed, a UAE public joint stock company, is one of the world’s largest district cooling utility providers and the Gulf region’s Utility leader. Based in the UAE, the company provides district cooling services throughout the GCC countries with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Manama, Khobar, and Muscat. Since its establishment in 1998, Tabreed has built a vast network of 86 District Cooling plants across the Gulf Cooperation Council (GCC) region and cemented its position as the benchmark for excellence in innovative, reliable, cost-efficient cooling standards. The company has formed multiple joint venture companies in partnership with regional and local main players. Tabreed operates 84 district cooling plants and, together with its subsidiaries, owns approximately 1.203 million refrigeration tons of capacity in the GCC.

IDB Infrastructure Fund II

Key investors in the IDB Infrastructure Fund II include the Islamic Development Bank, KSA (“IDB”), the Public Investment Fund of Saudi Arabia (“PIF”), the Public Pension Agency of Saudi Arabia (“PPA”), and the governments of Bahrain and Brunei. The Fund has sizable investments in infrastructure projects in the GCC countries as well as in several South Asian countries, and specializes in core infrastructure sectors of energy, power, telecommunications, utilities, water and waste, natural resources, transportation and infrastructure. The Fund includes investment in oil and gas, refinery and petrochemicals, steel and aluminum, mining, logistics and an allocation for social infrastructure (healthcare and education), and financial services.