Saudi PIF hires law firm to advise on US investments

Saudi Arabia’s Public Investment Fund (PIF) has hired Akin Gump Strauss Hauer & Feld for legal services and outreach to US government officials for "current and anticipated investments" in the country, according to a US Department of Justice document.

The sovereign wealth fund will pay the US law firm up to $535,000 through May 1 for its services, the PIF’s Foreign Agents Registration Act (FARA) filing showed.  

The lead internal counsel for the project will be Shihana Alazzaz, it added.

PIF's notable US investments include a 5 percent stake in Uber acquired for $3.5 billion in 2016 and $400 million in US-based augmented reality startup Magic Leap this year.

In 2017, the sovereign fund entered into an agreement with US private equity fund Blackstone to invest $20 billion in a $40 billion fund, which will invest mostly in the US infrastructure projects.

In December, PIF managing director Yasir Al-Rumayyan said the fund would invest around SAR 83 billion ($22.1 billion) this year compared to SAR 70 billion last year.

The fund is targeting annual returns of 8-9 percent by 2025-2030 across its different portfolios, Al-Rumayyan has previously said.