Saudi Arabia’s Public Investment Fund (PIF) has unveiled its five-year strategy, to support the Kingdom to continue its economic transformation.
The sovereign wealth fund will spend a minimum of $40 billion annually on the domestic economy until 2025 and intends to create up to 1.8 million jobs over the same period. It further plans to allocate $320 billion to non-oil GDP and increase its managed assets significantly.
The strategy document was approved by PIF’s board, which is chaired by Crown Prince Mohammed bin Salman.
According to PIF, investments will be made in “new human futures” to enhance the quality of life both domestically and globally. The strategy focuses on job creation along with environmental and economic sustainability. It further added that it will focus its efforts on 13 primary industries, including healthcare, renewables, aerospace, entertainment and so on.
“We’ve launched many vital sectors and investment projects in Saudi Arabia and the private sector is a strategic partner for the PIF. The new strategy comes to represent a major pillar in achieving the aspirations of our country and aims to achieve the concept of comprehensive development. Our goal is to make our country a pioneer for the new human civilization. The PIF would contribute to supporting the development and economic diversification efforts in the Kingdom, in addition to consolidating its position as the preferred global investment partner.”
Yasir Al-Rumayyan, PIF governor 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. 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,” concluded Mr. Al-Rumayyan.