Saudi Crown Prince Announces 5-Year Strategy for PIF

Business

January 24th, 8:15pm

Asharq Al-Awsat

Saudi Crown Prince Mohammed bin Salman launched a new five-year strategy for PIF. SPA photo

Saudi Crown Prince Mohammed bin Salman on Sunday launched a new five-year strategy for the Public Investment Fund (PIF). The Crown Prince said the strategy will act as a roadmap for the Fund in the coming five years as it helps to realize the Kingdom’s Vision 2030. Among the most important initiatives, PIF will invest a minimum of USD40 billion annually in domestic projects and investments, contribute USD320 billion to non-oil GDP cumulatively through its portfolio companies, grow assets under management to over USD1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025. He said that over the past four years, PIF has made significant progress at a time of great uncertainty in the global economy. The strategy comes as an extension to these achievements, looking to make the Fund the leading catalyst for Saudi Arabia’s economic transformation and diversification. The Crown Prince stated that PIF would continue to invest in businesses and sectors that would contribute to driving the future of the Kingdom and the world- pioneering the funding of new human futures. Governor of PIF Yasir Al-Rumayyan said: “Over the last four years, PIF has demonstrated its important role in contributing to the Kingdom’s economy, in line with the ambitions of Vision 2030. Up to the end of 2020, we tripled assets under management to nearly USD400 billion, created 10 new sectors and generated 331,000 direct and indirect jobs.” “And as part of our strategy, we will continue to drive the economic transformation of Saudi Arabia and enable the private sector," he said. He added that PIF also partners with innovative and transformative companies in the world to serve as a catalyst for the development of the industries and opportunities of the future. "Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs.”

from Asharq AL-awsat https://english.aawsat.com/home/article/2762361/saudi-crown-prince-announces-5-year-strategy-pif