Saudi’s PIF to raise stake in Acwa Power

Saudi Arabia’s Public Investment Fund (PIF) is to raise its stake in Acwa Power to 40 per cent up from 25 per cent, reports Reuters.

The Saudi government’s goal is to increase the fund’s assets to $600 billion, up from the current $360 billion. This will include investing in renewable energy such as solar power and other renewables, recycling and technology companies. 

PIF has a wide-ranging portfolio of investments which includes shares in Tesla, Lucid Motors and Uber.