Saudi Wealth Fund Plans to Borrow to Double Investment Returns

Saudi Arabia’s sovereign-wealth fund will borrow to boost returns from its investments as it seeks to diversify the kingdom’s oil-dependent economy.

The Public Investment Fund will also look for more partnerships like its tie-ups with money managers Blackstone Group LP and SoftBank Group Corp. as part of its aim to boost assets under management to $2 trillion by 2030, Managing Director Yasir Al-Rumayyan said in a Bloomberg Television interview at the Future Investment Initiative in Riyadh. The fund will seek to hold a quarter of those assets in foreign markets, he said.