Public Investment Fund, a private equity firm, and Pirelli, a tire manufacturer, agreed to form a joint venture in a $550m deal. “Through this Joint Venture with Pirelli, PIF is building production capabilities in the automotive and mobility value chain and enhance opportunities for private sector contribution. This collaboration marks another pivotal milestone in our journey to diversify the economy, enhance sustainability and localize manufacturing capabilities in Saudi Arabia,” Yazeed A. Al-Humied, PIF Deputy Governor and Head of MENA Investments.