Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) on Sunday launched its five-year strategy, which aims to achieve the Vision 2030 goals.
In a televised speech, the Saudi Crown Prince Mohammed bin Salman said the kingdom’s sovereign wealth fund will pump at least SAR 150 billion every year into the local economy until 2025 and will contribute SAR 1.2 trillion to the non-oil gross domestic product (GDP) via its subsidiaries.
Furthermore, the fund will double its assets to SAR 4 trillion and create 1.8 million direct and indirect jobs by 2025.
The 2021-2025 strategy aims to increase the fund's assets, launch new sectors, build strategic economic partnerships, alongside localising technologies and knowledge. This comes in a bid to support the economic development and diversification efforts and foster the fund’s position to become the globally-preferred investment partner.
Founded in 1971, the PIF is one of the world’s largest sovereign wealth funds. It finances projects that are strategic to the Saudi economy and aims to empower the private sector and create new jobs.
