Davos 2024
Saudis Eye Big Investment to Kick Off Foray Into Semiconductors
- PIF eyeing semiconductor investment this year, minister says
- Fund also plans to ratchet up investments in the space sector
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Saudi Arabia’s sovereign wealth fund is planning to make big investments in both the semiconductor and space industries this year as the kingdom accelerates efforts to diversify its economy away from oil.
The Public Investment Fund is looking at making a “sizable investment” this year into the semiconductor industry, Saudi Minister of Communications and Information Technology Abdullah Alswaha said in an interview at the World Economic Forum in Davos. “They plan to make an announcement on a particular champion within the space to lead the Saudi efforts,” he said, declining to give further details.