The Public Investment Fund is Saudi Arabia internal investment fund. The fund may only invest in internal investments within Saudi Arabia. The fund controls the newly created Saudi Arabia Sovereign Wealth Fund, which will allow the PIF to invest overseas. The PIF, which falls under the finance ministry, was set up in 1971 to invest and finance projects inside Saudi Arabia, while acting as “custodian” of the government’s stakes in bilateral and multilateral companies. It has equity stakes in 26 national companies, including a major shareholding of National Commercial Bank, the country’s largest. The PIF could contain more then $380 billion in assets, but the figure has never been publicly released.