In the wake of the economic havoc wreaked by COVID-19, Saudi Arabia’s sovereign wealth fund is scouting for future investments and has identified the energy sector as an option, according to Bloomberg.

The Public investment fund (PIF) is looking for opportunities and has cited the energy market as a potential opportunity, according to Yasir Al-Rumayyan, governor of the fund. In recent times, the PIF has upped its efforts to become the world’s biggest manager of sovereign capital. In the last few weeks the KSA has invested in European energy firms including Equinor ASA, Royal Dutch Shell Plc, Total and Eni.  

Saudi Arabia is trying to decrease its reliance on crude oil sales and thus has diversified its investments in recent years, investing in technology firms such as Uber, Lucid and Softbank.

Al-Rumayyan, head of the PIF and chairman of Saudi Aramco, is in charge of this diversification project.