Saudi Arabia’s Public Investment Fund (PIF) has denied having any plans or intentions to sell the shares it owns in local companies.

    The Fund's denial came after a report by "Bloomberg" claimed that the PIF is reviewing the sale of stakes in local companies as it seeks to diversify its portfolio. Sources told Bloomberg that the PIF – which is estimated to have about $100 billion worth of shares in local listed companies, is considering sale options.

    In a press release carried by Saudi Press Agency (SPA), the PIF underlined that it has no plan to reduce its equity holdings in Saudi Arabia, Saudi is currently in the midst of a major plan to expand the PIF into a major global fund, raising its capital to SAR7 trillion ($2 trillion) from SAR600 billion ($160 billion).

    The restructuring of PIF is part of the country’s ambitious Vision 2030 strategy, which seeks to diversify its economy away from oil.