A worker looks at journalists during a media tour of the Khurais oilfield, about 160 km (99 miles) from Riyadh, June 23, 2008. REUTERS/Ali Jarekji
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With the stock market listing of its national oil company stalled, Saudi Arabia is scrambling to boost the coffers of the sovereign wealth fund spearheading a risky plan to diversify its economy.With IPO efforts floundering, the once-torpid PIF, which aims to raise its assets from roughly $230 billion to more than $2 trillion by 2030, is aggressively pushing a host of big-ticket investments – from Uber to the planned $500 billion NEOM megacity on the Red Sea coast.Since 2016, the PIF has made external investment commitments worth 360 billion riyals ($95 billion), according to the International Monetary Fund, including stakes in high-risk tech firms such as electric car company Tesla.The PIF did not respond to requests for comment.SABIC, the world's fourth-largest petrochemicals company with a market value of over $100 billion is 70 percent owned by the PIF.
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