The Board of Directors of the Public Investment Fund, chaired by His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs endorsed the approval of the Public Investment Fund strategy for the next five years.
His Highness the Crown Prince said: “The new strategy comes to represent a major pillar in achieving the aspirations of our dear country towards economic growth, raising 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 are:
The Public Investment Fund pumps at least 150 bn riyals annually into the local economy, until 2025, and contributing through its subsidiaries to the non-oil GDP of 1.2 tn Saudi riyals. By the end of 2025, the fund aims to have assets exceeding 4 tn riyals, and to create 1.8 m jobs, directly and indirectly.
The Public Investment Fund was able to achieve substantial investments and economic achievements, through which it was capable of reaching 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.
Our goal is to be a pioneering home for the new human civilization. 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 contributes to supporting the efforts of development and economic diversification in the Kingdom, and consolidating its position as the preferred global investment partner.
For his part, His Excellency the Governor of the Public Investment Fund, Mr. 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.
Such vision enabled us to achieve Strategic targets over the past four years with high efficiency, achieving a positive impact on the local economy and maximizing sustainable returns.
The fund has doubled the size of its assets to about 1.5 tn riyals by the end of 2020, and contributed to the activation of 10 new sectors, and created of 331,000 direct and indirect jobs by the end of the third quarter of 2020.
His Excellency added, “The fund’s strategy 2021-2025 will enable 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 country.”
According to the Public Investment Fund program 2021-2025, the fund will pump local investments into new projects by focusing on 13 vital and strategic sectors.
It will contribute to raising the level of local content to 60% in the Fund, enhance efforts to diversify sources of revenue, and benefit from the potential of resources, improving the quality of life as well as empowering the local private sector, and creating jobs.
As a major 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.
It builds 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.
At a steady pace, the fund is working to be one of the largest sovereign funds in the world, as it aims to have assets exceeding 7.5 tn Saudi riyals in 2030.