Saudi Arabia is considering the establishment of an office for its sovereign wealth fund, the Public Investment Fund (PIF), in India’s Gujarat International Finance Tec-City (GIFT), according to Saudi Investment Minister Khalid Al Falih.
GIFT City, a tax-neutral financial services center, is part of India’s efforts to compete with financial hubs like Dubai and Hong Kong.
During a state visit to India by Saudi Crown Prince Mohammed bin Salman, India and Saudi Arabia signed numerous agreements and discussed a joint task force for $100 billion in Saudi investments in India. However, there is no specified timeline for these investments.
