Saudi Arabia's Public Investment Fund (PIF) has opened a new office for a subsidiary in Paris as part of its international expansion strategy, Al Eqtisadiah reported on May 19.

The Paris office opening aligns with PIF's strategy to drive global economic growth and lead economic transformation in the Kingdom.

The opening reflects PIF's approach to close cooperation with partners, companies and major investment institutions. French President Emmanuel Macron and PIF Governor Yasir Al-Rumayyan will attend the opening, alongside senior officials and business leaders, coinciding with the annual Choose France Summit in Paris.

PIF, one of the world's largest sovereign wealth funds, is chaired by Crown Prince Mohammed bin Salman, who is also Prime Minister and Chairman of the Economic and Development Affairs Council. Since 2015, the fund has been restructured and linked to the Economic and Development Affairs Council, driving Saudi economic transformation and diversification while contributing to shaping the future of the global economy.

Between 2017 and 2024, PIF invested $84.7bn in the European economy, contributing $52bn to European GDP and helping create 245,000 direct and indirect jobs in Europe. These investments include $8.6bn in the French market during the same period, adding $4.8bn to French GDP and contributing to the creation of 29,000 direct and indirect jobs in the French economy.

As one of the most influential global investors, its investments and ongoing commitment to building new partnerships with a diverse range of leading international institutions have created 1.1mn direct and indirect jobs in Saudi Arabia and worldwide.

PIF previously opened offices for subsidiaries in New York, London, Hong Kong and Beijing, with a portfolio comprising 220 companies.