Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the Kingdom’s strategy for its Public Investment Fund (PIF) for the next five years.
The Crown Prince estimated that the total assets of the PIF exceed 7 trillion and 500 billion riyals in 2030, adding that the government is committed to pumping 150 billion riyals annually into Saudi Arabia’s economy from the fund itself in the next five years.
The PIF listed the following 6 targets set to be achieved by the sovereign wealth fund by 2025:
- Doubling Assets under Management (AUM) to reach $1.07 trillion
- Creating 1.8 million jobs, both directly and indirectly
- Focusing on 13 strategic sectors
- Investing at least $40 billion annually in the local economy
- Contributing $320 billion to non-oil GDP
- Raising the local content contribution to 60 percent in PIF and its Portfolio companies.
“Today, we approve the Public Investment Fund Strategy 2021-2025, which is central to achieving our country’s ambitions: economic growth, good quality of life, and inclusive, sustainable development in all traditional and modern industries,” says Saudi Arabia’s Crown Prince.
Crown Prince Mohammed bin Salman said the Public Investment Fund (PIF) was on track to meet its previously stated goal of having more than 7.5 trillion riyals of assets under management by 2030.
Last December, the PIF, Saudi Arabia’s sovereign wealth fund, said it had established a company to develop and expand the private security sector in the Kingdom. The National Security Services Co (SAFE) will focus on providing services such as security consulting, security solutions, training and development, and a range of specialized services, the PIF said in a statement on its website.
Established in 1971, the role of the PIF has changed significantly since the introduction of Saudi Arabia’s Vision 2030 back in April 2016. Vision 2030 envisions the fund controlling more than $2 trillion in assets, which would make it the largest SWF in the world.