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Saudi Arabia’s PIF launches company to develop private security sector

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Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, said on Tuesday it had established a company to develop and expand the private security sector in the Kingdom.

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The National Security Services Co (SAFE) will focus on providing services such as security consulting, security solutions, training and development, and a range of specialized services, PIF said in a statement on its website.

PIF, which manages $360 billion in assets, is the engine of Crown Prince Mohammed bin Salman’s economic transformation plan that aims to help reduce Saudi Arabia’s reliance on oil.