RIYADH: Saudi Arabia’s sovereign wealth fund is expanding its global presence with a new subsidiary company office in Paris.
The Paris office marks the Public Investment Fund’s latest effort to deepen ties in Europe, following previous openings in New York, London, Hong Kong, and Beijing, underscoring the fund’s commitment to strengthening its presence in key international markets.
This comes as PIF invested $84.7 billion across Europe between 2017 and 2024, contributing $52 billion to the continent’s gross domestic product and generating over 254,000 direct and indirect jobs. In France alone, its investments totaled $8.6 billion, adding $4.8 billion to GDP and creating 29,000 jobs.
“PIF is an active, long-term investor in the world’s most innovative and transformational industries, businesses, and markets. This new office will enable PIF to further strengthen its partnerships in the region,” the fund said in a release.
French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony of the fund’s Paris office, coinciding with the “Choose France” summit that began on May 19 in the capital.
The event will also draw senior officials and leading business figures, underscoring the strategic significance of PIF’s investment in France.
The 8th edition of the “Choose France” summit, held at the Palace of Versailles, is expected to secure €20 billion ($22.47 billion) in commitments across key sectors such as defense, energy, and industry, surpassing last year’s €15 billion, according to Reuters.
Ahead of the 2025 summit, €17 billion in projects were already pledged, including a €6.4 billion data center investment by US logistics firm Prologis and €1 billion from fintech Revolut for expansion.
Other major announcements are expected from Amazon, UAE’s MGX, and rare earth firm Less Common Metals, alongside a €100 million drone factory by Portugal’s Tekever, Reuters reported.
The PIF Tower in the King Abdullah Financial District in Riyadh stands as the tallest building. International High-Rise Award 2022/23
According to UN Trade and Development, France retained its top spot in 2024 for the sixth consecutive year, attracting 1,025 projects despite a 14 percent decline. It remained ahead of the UK with 853 projects and Germany with 608. France captured 19 percent of all foreign investment into Europe, slightly above its 18.7 percent share in 2019 — highlighting its continued appeal to investors despite global economic uncertainty.
“The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia,” the fund added in the release.
Since 2017, PIF has backed around 220 portfolio companies and supported the creation of 103 new firms, contributing to global economic activity and employment. The fund has generated over 1.1 million jobs worldwide and maintains a focus on forming strategic partnerships with innovative players across sectors.
In February, the PIF ranked as the world’s second most active sovereign investor by deal value, committing $3 billion in global transactions.
Global SWF, a data platform tracking activity in the sector, reported that the Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies.
