October 23, 2018 / 7:24 AM / 10 months ago

Saudi's PIF invested in 50-60 firms via SoftBank fund -exec

RIYADH, Oct 23 (Reuters) - The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has invested in 50 or 60 companies via SoftBank Group’s Vision Fund and will bring most of those businesses to the kingdom, Yasir al-Rumayyan, who heads the PIF, told an investment conference in Riyadh.

He also added that electric vehicles were gaining market share and PIF wanted to localise the industry in Saudi Arabia.

The state fund, which is the main backer of the Future Investment Initiative conference, has more than $250 billion in assets with stakes in major listed Saudi companies and global firms such as Uber. (Reporting By Andrew Torchia, Stephen Kalin and Marwa Rashad; Writing by Tom Arnold; Editing by Saeed Azhar)

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