A view shows Saudi Aramco's Manifa oilfield, Saudi Arabia June 14, 2015. Saudi Aramco/Handout via REUTERS
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Saudi Arabia is now looking for plan B to propel its sovereign wealth fund into the ranks of global giants.Though the IPO is not going ahead as originally planned, the nation's Public Investment Fund still hopes to control over $2 trillion by 2030 .Q: Why is Saudi Arabia trying to grow its fund?A: In 2017 alone, the PIF announced plans to invest as much as $45 billion in a technology fund run by Japan's SoftBank Group Corp., build a $500 billion city called Neom on the Red Sea, set up a $1.1 billion fund to support small- and medium-sized enterprises, embark on a $4.8 billion project to redevelop the Jeddah waterfront on the Red Sea and put $20 billion into a U.S infrastructure fund managed by Blackstone Group LP.PIF could raise more by selling its stakes in other Saudi-listed companies.
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