Board approved Public Investment Fund Today, under the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, to approve the strategy of the Public Investment Fund for the next five years, which aims to have assets exceeding 4 trillion riyals, and to create 1.8 million jobs, directly and indirectly, by the end of 2025.
His Highness the Crown Prince said: “The new strategy comes to represent a major pillar in achieving economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors, as the fund will work in the coming years on many goals, the most important of which are; Pumping at least 150 billion riyals annually into the local economy, incrementally until 2025, and contributing through its subsidiaries to the non-oil GDP of 1.2 trillion Saudi riyals, cumulatively.
He added: The fund is working at a steady pace to be one of the largest sovereign funds in the world, as it aims to have assets exceeding 7.5 trillion Saudi riyals in 2030.
He stressed that the Public Investment Fund was able to achieve huge investment and economic achievements, through which it was able to reach important strategic goals, and place it in a prominent position on the world map as a pioneering sovereign fund capable of investing and managing large capital in multiple markets.
His Highness added: 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, and our goal is to be our pioneering home for the new human civilization, and the fund’s strategy aims to achieve the goals of the vision by maximizing the fund’s assets, launching new sectors, and building strategic economic partnerships. Localization of technologies and knowledge, which contributes to supporting development and economic diversification efforts in the Kingdom, and consolidating its position to be the preferred global investment partner.
For his part, His Excellency the Governor of the Public Investment Fund, Yasser 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 His Highness the Crown Prince, and completely reformulating its strategy, which enabled us to achieve strategic goals Over the past four years with high efficiency, achieving a positive impact on the local economy and maximizing sustainable returns.
He explained that the fund had doubled the size of its assets to about 1.5 trillion riyals by the end of 2020, and contributed to the activation of 10 new sectors, and contributed to the creation of 331 thousand direct and indirect jobs until the end of the third quarter of 2020.
“The fund’s strategy 2021-2025 enables us 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,” he added.
According to the Public Investment Fund 2021-2025 program, the fund is working to inject local investments into new projects by focusing on 13 vital and strategic sectors, which contributes to raising the level of local content to 60% in the fund and its subsidiaries and enhances efforts to diversify sources of revenue, and benefit from Resource potential, improving quality of life as well as empowering the local private sector and creating jobs.
As a main driver in promoting the growth of the Saudi economy and diversifying sources of income, the Fund’s efforts continue to launch new sectors, localize advanced technologies and knowledge, and build strategic economic partnerships, in pursuit of the goals of the Kingdom’s 2030 vision to diversify the Kingdom’s economy and deepen the impact and role of the Kingdom in the regional and global scene.