Saudi Arabia's $200 billion public investment fund has signed a New York public relations firm to try to distance the fund from the country's embattled crown prince as it seeks to overhaul the kingdom's oil-based economy.
The fund's managing director, Yasir al-Rumayyan, signed a $120,000-a-month contract with KARV Communications on Feb. 16, according to newly uploaded lobbying filings. The firm is tasked with providing “investor and public relations advice and counsel by providing outreach and relationship-building to various stakeholders in business and the media.”