Skip to content Skip to Search
Skip navigation

PIF unit to expand New York team amid US investment drive

Creative Commons
USSA International, the wholly-owned unit of the $620 billion sovereign wealth fund, expects to hire nearly 50 staff for its New York office.

A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is planning to hire staff for its New York office as it prepares to boost investments in the US market, Bloomberg reported, citing unnamed sources.

USSA International, the wholly-owned unit of the $620 billion sovereign wealth fund, expects to hire nearly 50 staff for its New York office.

The roles include investment research, legal and compliance, chief of staff, followed by an equity trading team.

The Saudi fund manages an almost $40 billion portfolio of US equities, including stakes in BlackRock, JP Morgan Chase, and Uber.

Earlier this year, PIF invested more than $7 billion in the US stock market.

Despite the US office, Riyadh-based PIF’s executives will be responsible for finalising all of its investment decisions, the news agency reported.

The fund isn’t planning to apply for a license to trade US stocks directly or through the New York unit and will continue to use intermediaries to execute trades.  

Earlier this month, Bloomberg reported that the fund will refinance an $11 billion loan maturing next year.

Latest articles

OQBI has offloaded 49% of its shares, with 40% going to retail investors

Oman’s OQBI poised to make Muscat bourse debut

Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […]

Turkish arms exports

Turkish arms exports up 19% year on year

Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range.  Defence and […]

Dubai Duty Free said that the sales performance was strong in November despite tough trading conditions

Perfume sales propel Dubai Duty Free to $2bn 2024 target

Dubai Duty Free (DDF) recorded sales of AED7.13 billion ($1.94 billion) in the first 11 months of 2024, as it closes in on the $2 billion annual target. The airport retailer reported sales of $205.7 million last month, marking the fifth-best month ever, propelled mainly by perfume sales, the UAE state-run Wam news agency reported. […]

The UAE and Saudi Arabia are key growth markets where there is rising demand for premium cinematic experiences Imax

Imax seeks investors in its vision of growth in the Gulf

Imax Corporation, the US cinema technology giant, is in discussions with Gulf investors including sovereign wealth funds as it seeks to deepen its presence in one of its fastest-growing markets. The UAE and Saudi Arabia rank among Imax’s top 20 global markets, its popularity driven by rising demand for premium cinematic experiences. “We’re meeting various […]