As Crown Prince Mohammed bin Salman races to diversify Saudi Arabia’s oil-dependent economy, the $620 billion Public Investment Fund (PIF) — which he chairs — is taking center stage, supplanting a pedigreed business class to become one of the most powerful institutions in a fast-changing economy. Receding is the conservative Islamic kingdom of old, which lived off its oil revenues while cautiously investing in safe US treasuries and disbursing lucrative state contracts. This is Saudi Inc. And its self-styled Founder is ripping up the rule book. READ MORE
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