Saudi sovereign wealth fund launches company to develop private security sector

DUBAI (Reuters) - Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, said on Tuesday it had established a company to develop and expand the private security sector in the kingdom.

The National Security Services Co (SAFE) will focus on providing services such as security consulting, security solutions, training and development, and a range of specialised services, the PIF said in a statement on its website.

PIF, which manages $360 billion in assets, is the engine of Crown Prince Mohammed bin Salman’s economic transformation plan that aims to help reduce Saudi Arabia’s reliance on oil.

Reporting by Hadeel Al Sayegh; Editing by Gareth Jones