Saudi Arabia's sovereign wealth fund is expanding its investor base and exploring issuing debt through its subsidiaries to support the nation's ambitious spending plans. The Public Investment Fund (PIF) is considering issuing its first euro-denominated bond and reaching out to US investors for the first time. The fund is also encouraging its subsidiaries like Neom Co. and AviLease to independently secure debt financing. These initiatives are part of the fund's new financing approach aiming to reduce reliance on government funding. The PIF, a key player in Crown Prince Mohammed bin Salman's Vision 2030 program, has already raised significant funds from debt markets this year, with plans for further debt issuance to support its investment goals. The kingdom's high spending requirements, including commitments such as hosting the FIFA World Cup in 2034, coupled with economic challenges, necessitate strategic financial planning. To meet these demands, the PIF is ramping up its annual investments and exploring various funding sources, given the potential decline in dividend income from its major investment in Saudi Aramco.