Dubai, United Arab Emirates (CNN) – The Saudi Public Investment Fund, headed by Crown Prince Mohammed bin Salman, on Sunday approved its strategy for the next five years, aimed at exceeding the size of its assets of 4 trillion riyals (trillion dollars).
The Saudi Crown Prince said, in video footage published by the government, that the fund aims to “exceed the volume of assets 4 trillion riyals by the end of 2025, and 7.5 trillion riyals by 2030.”
The Saudi crown prince added that the sovereign fund plans to inject new investments, totaling 3 trillion riyals (about 800 billion dollars) in the next ten years.
He explained that the fund “will pump at least 150 billion riyals (40 billion dollars) annually into the local economy, incrementally until 2025, and contribute through its subsidiaries to the non-oil GDP of 1.2 trillion Saudi riyals, cumulatively.”
Prince Mohammed bin Salman indicated that the Public Investment Fund aims to create 1.8 million jobs within 5 years, saying that the fund “is not only an investment arm for the Kingdom of Saudi Arabia, but rather an original engine to diversify the economy and create jobs.”
The Saudi Crown Prince stated that the fund had contributed to activating 10 new sectors and creating 331,000 direct and indirect jobs until the end of the third quarter of last year.
The Crown Prince said that the fund’s strategy seeks to achieve the goals of the Kingdom’s Vision 2030, which it unveiled for the first time in 2016.
# The Crown Prince: The Board of Directors of the Public Investment Fund was reconfigured under our chairmanship in 2015, which led to it being placed prominently on the world map. #Investment_fund strategy https://t.co/8jXGPPU6Lf
“In the investment fund, we do not invest only in businesses and sectors, but in the future of the Kingdom and the world.” Under the chairmanship of His Highness, the Crown Prince, the adoption of the strategy of the Public Investment Fund for the next five years. #Government_Contact https://t.co/AyqA8JZ6UR
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