Saudi oil diversification hits turbulence

Vision 2030 spearhead PIF damaged by high profile investment setbacks at key MbS ally Softbank

It has not been the best year for Saudi Arabia’s Public Investment Fund (PIF)— with high profile investments it has made through a fund in companies such as office space leasing firm WeWork and taxi alternative Uber coming unstuck. The value destruction has prompted questions about the performance and direction of PIF, chaired by the country’s de-facto leader Crown Prince Mohammad bin Salman (MbS). PIF has been given a key role in modernising the kingdom by investing both domestically and overseas. It is viewed as an engine to fire up the Saudi private sector and significantly increase non-oil income. But its commitment to Japan’s Softbank Vision Fund— where $45bn of the $100bn available for