Saudi’s PIF purchases $578.6 million land plot in Riyadh

Saudi Arabia’s sovereign wealth fund has purchased a huge plot of land in northern Riyadh for SAR 2.17 billion ($578.64 million) in what has been described as the largest real estate transaction in the Kingdom.

In a statement, Etqan real estate company said that the PIF purchased the Al Ghadir plot at an auction of the property of late businessman Saleh Abdulaziz al-Rajhi.

The transaction follows the Crown Prince Mohammed bin Salman’s remarks that the PIF will surpass its target of increasing its assets to $600 billion by 2020, part of a plan to reduce the economy’s dependence on oil.

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PIF is also among the investors backing the $500 billion business and industrial zone NEOM, which will extend into Jordan and Egypt, reported Reuters.