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Saudi Wealth Fund Said to Seek Bankers in Global Deals

  • PIF shifting strategy away from domestic focus amid oil slump
  • Fund agreed to $1.1 billion investment in Posco E&C in March
Corrected

Saudi Arabia’s Public Investment Fund is seeking to hire bankers for international deals to help the kingdom acquire overseas technology and expertise, four people with knowledge of the matter said.

The sovereign wealth fund, which holds about $100 billion worth of stakes in local companies, is looking to appoint Saudi nationals with experience at both local and international investment banks, the people said, asking not to be identified as the talks are private. The hires will help the fund make strategic acquisitions in industries including transport, manufacturing and technology that will give Saudi Arabia access to foreign expertise and know-how, according to the people.