Saudi PIF plans expansion outside Riyadh, eyes 40 percent stake in ACWA Power

Saudi PIF plans expansion outside Riyadh, eyes 40 percent stake in ACWA Power
FILE PHOTO: Saudi Arabia's Public Investment Fund (PIF) managing director Yasir al-Rumayyan speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017. REUTERS/Brendan McDermid/File Photo -
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BRENDAN MCDERMID(Reuters)
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ABU DHABI (Reuters) - The Public Investment Fund, the Saudi sovereign wealth fund, plans to boost hiring and open offices in overseas market, its managing director said on Wednesday.

It also plans to raise its stake in ACWA Power, Yasir al-Rumayyan told a conference in Abu Dhabi.

The fund plans to boost its staff to 700 by the end of the year from 450 now, and is seeking to open offices in London and in the United States - initially in New York and then in San Francisco.

The fund also plans to boost its stake in the Saudi power and water plants developer ACWA Power to 40 percent from 25 percent, while it is venturing into investments in electric vehicles and solar power, he said.

(Reporting by Hadeel Al Sayegh and Stanley Carvalho; Writing by Saeed Azhar; editing by Davide Barbuscia)

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