Approved the Board of Directors of the Public Investment Fund chaired by His Royal Highness Prince Muhammad bin Salman bin Abdulaziz; The Crown Prince, Deputy Prime Minister, and Chairman of the Council of Economic and Development Affairs – may God protect him – to approve the strategy of the Public Investment Fund for the next 5 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. 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. The fund also aims, by the end of 2025, to have assets exceeding 4 trillion riyals, and to create 1.8 million jobs, directly and indirectly.
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 capitals in multiple markets.
His Highness the Crown Prince 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 a new human civilization. Strategic economic, localization of technologies and knowledge, which contributes to supporting the efforts of economic development and diversification in the Kingdom and consolidating its position as the preferred investment partner in the world.
For his part, Professor Yasser bin Othman Al-Rumayyan stated: Governor of the Public Investment Fund, saying: “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 the complete reformulation of its strategy, which enabled us to achieve strategic goals over the past 4 years efficiently. High, 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 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 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 dear country.”
According to the Public Investment Fund 2021-2025 program; The fund will pump local investments into new projects by focusing on 13 vital and strategic sectors; This contributes to raising the level of local content to 60% in the fund and its affiliates and enhances efforts to diversify sources of revenue, benefit from the potential of resources, improve the quality of life as well as empower the local private sector and create jobs.
As the 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. 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 trillion Saudi riyals in 2030.