Operates under the Ministry of Finance. The Public Investment Fund (PIF) was established by Royal Decree No. M/24, dated 25-06-1391H corresponding to 17-08-1971. The purpose of establishing PIF was to provide financing support to productive projects which are of a commercial nature and are strategically significant for the development of the national economy and cannot be implemented by the private sector alone either because of insufficient experience or inadequate capital resources or both.