In 2016, Saudi Arabia announced the Vision 2030 blueprint to diversify the Kingdom’s economy. It dared to change its identity as an oil-rich nation to a harbinger of new ideas that would shape the world.
Six years later, the Kingdom has ventured into new realms of opportunities that the Arab world would not have dared to dream of even a decade ago, thanks to its sovereign fund that controls assets worth $620 million: the Public Investment Fund.
Recognized as one of the largest sovereign wealth funds in the world, the PIF has led economic diversification in Saudi Arabia through strategic international and national investments.
Transforming the idea of Saudi Arabia globally, the fund owns more than 50 companies and has created more than 500,000 direct and indirect jobs.
In May 2022, PIF launched Saudi Coffee Co., aiming to turn Saudi coffee beans into a global product.
A press release issued by the PIF noted that the company plans to invest SR1.2 billion ($320 million) in the next 10 years.
PIF also said that the new firm would play a pivotal role in developing sustainable coffee production in the southern Jazan region, home to the world-famous Coffea Arabica