(Bloomberg) — Saudi Arabia’s sovereign wealth fund is on track to manage $400 billion of assets by the end of next year, its head of corporate finance and treasury said.

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“We are going to become one of the largest and most impactful sovereign wealth funds in the world,” Alireza Zaimi said at a financial summit in Riyadh. “We are growing our assets faster on the international pool as we are trying to diversify, and increase the size and proportion of our international assets.”

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Saudi Arabia is seeking to transform the Public Investment Fund from a domestic holding company into the world’s largest sovereign fund. It’s already made a series of investments in companies such as Tesla Inc. and Uber Technologies Inc. as well as a $45 billion commitment to SoftBank Group Corp.’s Vision Fund.

The wealth fund currently has an AUM of $290 billion, according to Sovereign Wealth Fund Institute, making it the 11th largest globally.