PIF Could Open Office In India
Posted on 09/11/2023
Saudi Arabia’s PIF is looking at a spot in India’s Gujarat International Finance Tec-City (GIFT) according to Investment Minister Khalid Al Falih. He said he would “commit today to opening an office” in a conversation with India’s trade minister Piyush Goyal after Goyal suggested India could open an office in Saudi Arabia.
GIFT City is a tax-preferred zone in India, a personal project of Prime Minister Narendra Modi. Moddi wrote on X that he was “Adding momentum to India-Saudi Arabia ties.” India and Saudi Arabia have signed 50 agreements and maintain plans to create an investment pool of US$ 100 billion for Saudi investment in India. However, that has been slow in coming and planned for four years.
