PIF opens subsidiary company office in Paris

The new office reflects PIF’s approach to engaging closely with local partners, leading businesses, and institutional investors, PIF said in an emailed statement to Argaam.

The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia, said the statement.

French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and other senior officials and business figures will attend the opening ceremony, which coincides with the annual “Choose France” event hosted in Paris.

PIF also said that it is an active, long-term investor in the world's most innovative and transformational industries, businesses, and markets. The sovereign fund expects the new office to enable it to further strengthen its partnerships in the region.

Between 2017 and 2024, PIF invested $84.7 billion across Europe, adding $52 billion to the continent’s GDP and creating over 254,000 direct and indirect European jobs. These investments included $8.6 billion in France, which added $4.8 billion to the nation’s GDP and created 29,000 direct and indirect jobs for the French economy, according to the statement.

PIF also indicated that, as one of the world’s most impactful investors, it has created more than 1.1 million direct and indirect jobs domestically and globally, adding that it is committed to building new partnerships with a diverse range of leading international institutions.