Saudi Arabia's Public Investment Fund has approved a five-year strategy that aims to increase the size of its assets to SR4 trillion ($1.066 trillion), in addition to creating 1.8 million jobs directly and indirectly, by the end of 2025.
The strategy was approved at a PIF board meeting under the Chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic Affairs and Development, said a Saudi Press Agency report.
HRH the Crown Prince said that the new strategy represents a major pillar in achieving the aspirations of the country towards economic growth, upgrading the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors.
The fund will work in the coming years on many goals, the most important of which is pumping at least SR150 billion ($40 billion) annually in the local economy, in addition to contributing through its subsidiaries to the non-oil GDP of SR1.2 trillion cumulatively, it was revealed.
HRH the Crown Prince also said that the Public Investment Fund was able to accomplish huge investment and economic achievements, through which the fund was able to reach important strategic goals, placing the fund in a prominent position on the world map as a pioneering sovereign fund capable of investing and managing large capitals in multiple markets.
He also said: "In the Public Investment Fund, we do not only invest in businesses and sectors, but rather we invest in the future of the Kingdom and the world. Our goal is to make our country a pioneer for the new human civilization. The fund's strategy aims to achieve the goals of the vision by maximising the fund's assets, launching new sectors, building strategic economic partnerships and localising technologies and knowledge, which will contribute to supporting development and economic diversification efforts in the Kingdom, in addition to consolidating the fund's position to be the preferred global investment partner."
PIF Governor Yasir bin Othman Al-Rumayyan said the ambitious 2030 Vision has had a great impact in strengthening the role of the Public Investment Fund, with the reform of the fund's Board of Directors headed by HRH the Crown Prince. This enabled us to achieve strategic goals over the past four years with high efficiency, thus achieving a positive impact on the local economy and maximizing sustainable returns, he said.
The fund has doubled the size of its assets to about SR1.5 trillion by the end of 2020, and contributed to the activation of 10 new sectors, as well as the creation of 331,000 direct and indirect jobs until end of the third quarter of 2020.
Al-Rumayyan also said that the fund's strategy '2021-2025' will enable it to continue stimulating the growth and diversification of the Saudi economy through a number of goals, including empowering the private sector in the kingdom and supporting the development process, in a way that strengthens the Saudi economy and guarantees a prosperous future for our dear country.
According to the PIF Program 2021-2025, the fund will pump 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, the report said.