DUBAI: Saudi Arabia’s Public Investment Fund (PIF) has acquired a minority stake in Italian supercar maker Horacio Pagani SpA, the latter said in a statement on Thursday. The move is part of the carmaker’s long-term strategic plan to improve its technology, and later expand in the lifestyle segment. Its founder Horacio Pagani said the PIF deal is “a key step in our long-term growth strategy, which envisages significant investments to ensure that our next hypercars will keep conveying unique emotions.” The Pagani family will keep full control of the company, with the PIF joining other Italian minority shareholders including Nicola Volpi and Emilio Petrone. This is not the fund’s first stake in carmaking, as it has been active in the electric vehicle space, acquiring a stake in Lucid Group.