Mohammed bin Salman, the Saudi Crown Prince, launched a new 5-year strategy for the Kingdom’s sovereign wealth fund which drives towards its Vision 2030 goal aimed at diversifying the economy and remove the dependency on oil.
As per the official announcement, the Public Investment Fund (PIF) is going to pump around $30 billion a year into the local economy and create 1.8 million jobs by 2025.
“We’ve launched many vital sectors and investment projects in Saudi Arabia and the private sector is a strategic partner for the PIF,” the prince said.
The 2021-2025 strategy will focus on launching new sectors, empowering the private sector, developing the PIF’s portfolio, achieving effective long-term investments, supporting the localization of sectors and building strategic economic partnerships.
“Our goal is to make our country a pioneer for the new human civilization,” the crown prince said. The PIF would “contribute to supporting development and economic diversification efforts in the Kingdom, in addition to consolidating its position as the preferred global investment partner.”
PIF governor Yasir Al-Rumayyan said: “Over the past 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 $400 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. We also partner with innovative, transformative and disruptive companies around the world to consistently serve as an important catalyst for the development of the industries and opportunities of the future.