Saudi Arabia’s PIF Starts New Program to Raise Money in New Ways
Saudi Arabia’s Public Investment Fund (PIF), the country’s main wealth fund, has started a commercial paper (CP) program. This is part of its plan to raise money in different ways and support its growing need for funds.
Commercial Paper Program
The Public Investment Fund (PIF) has launched a commercial paper program that received top short-term credit ratings: P-1 from Moody’s and F1+ from Fitch Ratings.
The program is set up through special companies based outside of Saudi Arabia. It includes two parts: one for U.S. commercial paper and one for European commercial paper.
This program helps PIF better manage its short-term cash needs, while also supporting its larger, long-term investment plans.
Commercial paper is a common tool used worldwide to handle short-term cash flow and liquidity.
Diversifying Funding
This new program is part of PIF’s plan to use a variety of ways to raise money. In recent years, it has used different financial tools like bonds, sukuk (Islamic bonds), and loans.
In October 2022, PIF became the first government wealth fund to issue a green bond, including the world’s first 100-year green bond. Later, it issued its first sukuk worth $3.5 billion.
By the Numbers
PIF manages more than $900 billion in assets. It has invested large amounts in Saudi projects—everything from high-tech cities like NEOM to smaller businesses like a camel dairy company.
Strong Credit Ratings
PIF has strong long-term credit ratings: Aa3 from Moody’s and A+ from Fitch, both with a stable outlook. These ratings show global investors that PIF is financially reliable.
PIF is a major player in global investments and plays a key role in Saudi Arabia’s Vision 2030, a plan to transform the country’s economy.
Since 2017, it has created 103 new companies to support sustainability and economic growth through smart investments and partnerships across Saudi Arabia.
Published: 25th June 2025
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