The Saudi Crown Prince, Prince Mohammed bin Salman, has announced that the Kingdom’s Public Investment Fund will double its assets to 4 trillion riyals ($ 1.07 trillion) by 2025.
The Saudi “SPA” agency reported that the Board of Directors of the Public Investment Fund headed by Bin Salman, who is the Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, approved the adoption of a strategy for the next five years.
Bin Yelman said: “The new strategy comes to represent a major pillar in achieving the aspirations of our dear country towards economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors, as the fund will work in the coming years on many goals, the most important of which is pumping 150 billion riyals. At least annually, to the local economy, and increasingly until 2025, and to contribute through its subsidiaries to the non-oil GDP in a cumulative amount of 1.2 trillion Saudi riyals. The fund also aims, by the end of 2025, that the volume of assets exceeds 4 trillion riyals and create 1.8 million jobs. Directly and indirectly. “
The Public Investment Fund 2021-2025 program, according to the “SPA” statement, stipulates that “it works to inject local investments into new projects by focusing on 13 vital and strategic sectors, which will contribute to raising the level of local content to 60% in the fund and its subsidiaries and enhance Efforts to diversify sources of revenue, tap into resource potential, improve quality of life, as well as empower the local private sector and create jobs.
The agency continued: “As a major driver in promoting the growth of the Saudi economy and diversifying sources of income, the Fund’s efforts continue to launch new sectors, localize advanced technologies and knowledge, and build strategic economic partnerships, in pursuit of the goals of the Kingdom’s 2030 vision to diversify the Kingdom’s economy and deepen the impact and role of the Kingdom in the regional scene. And at a steady pace, the fund is working to be one of the largest sovereign funds in the world, as it aims to have assets exceeding 7.5 trillion Saudi riyals in 2030. “
The Public Investment Fund, the main financial tool for the crown prince’s plan to diversify the economy rather than relying on oil, has previously announced that it expects its assets to reach $ 2 trillion by 2030.
Source: SPA + agencies