Saudi Arabia’s sovereign wealth fund is looking to more than double its investments in Japan to $27 billion by the end of 2030 as the kingdom deepens ties with Asia amid its own economic diversification ambitions, the governor of the Public Investment Fund said on Monday.

Established in 1971, the PIF is now one of the largest sovereign wealth funds in the world and manages around $1 trillion in assets. It was domestically focused until 2015, when the fund underwent a dramatic transformation under the control of Saudi Crown Prince Mohammed bin Salman. It then began to expand and invest internationally.

What happened: Speaking at the Future Investment Initiative Priority summit in Tokyo, PIF Governor Yasir Al-Rumayyan said the fund invested $11.5 billion in Japan between 2017 and 2024. He added that PIF wants to work with more Japanese companies and have them invest in the kingdom.

"Japan, I think, at some stage, was one of the largest partners for Saudi Arabia, and we want to get that back by bringing in more and more Japanese companies to come and work with us," Rumayyan said.