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Should the PIF expand its investment activities in Europe, a political impact assessment could become necessary in view of the close link between the fund and the Saudi government. An assessment would have to be made as to whether the PIF exclusively acts as a profit-seeking investor or whether it pursues a foreign policy agenda. In the latter case, European decision-makers would have to consider very carefully whether such an investment is actually in the political interest of the recipient country, similar to the way they deal with SWFs and state-owned enterprises from China and Russia.
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