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.

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