Saudi crown prince says PIF will invest $266bln in local economy.

Saudi Arabia’s Crown Prince Muhammad Bin Salman, chairman of the Board of Directors of the Public Investment Fund (PIF), launched on Sunday the Fund’s new strategy for the years 2021-2025.Crown Prince Muhammad said in a speech, “The strategy aims to raise the quality of life and achieve sustainable development.”

The Crown Prince added, “The assets of the investment fund will exceed SR7.5 trillion in 2030.”The Crown Prince affirmed that the new strategy of the Fund comes to represent a major pillar in achieving the aspirations of our country towards economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors.

He said that the Fund aims, according to its new strategy, by the end of 2025 to have assets exceeding SR4 trillion and to create 1.8 million jobs, directly and indirectly. It will also pump investments of SR2 trillion in new sectors during the next five years, which brings the total of this injection of investments to SR3 trillion in new and developed sectors aimed at expanding the economy.

The Crown Prince confirmed that the Fund will spend at least SR150 billion annually in the local economy, and progressively over the next five years. He explained that the Fund “looks at the private sector as the most important partner and with it there are countless multiple successes linked to giving more opportunities.”

He revealed the Fund’s objectives to raise the percentage of local content to 60% in the Fund’s projects and companies during the next five years, which represent its new strategy. The Crown Prince described the investment fund as “not only an investment arm of the Kingdom. But rather we are investing in the future of the Kingdom and the world. And our goal is to be a pioneering home for the new human civilization.”

The Crown Prince said 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 capitals in multiple markets.”

The Crown Prince also affirmed that the Fund’s strategy aims to “achieve the goals of the Saudi Vision 2030 by maximizing the Fund’s assets, launching new sectors, building strategic economic partnerships, and localizing technologies and knowledge. Thus contributing to supporting the development and economic diversification efforts in the Kingdom and establishing its position as an investment partner that’s the world’s favorite.”

He expressed his appreciation to the Fund’s Board of Directors, its management, and all its employees for achieving the objectives of the past strategy. The new Fund’s strategy included 5 direct objectives, including maximizing the Fund’s assets, launching new sectors, building economic partnerships, and localizing technologies and knowledge.

As for the purpose of the Fund, it included, in aspects, including shaping the future through innovation, selecting opportunities, and maximizing investment to preserve the Kingdom’s heritage and achieve its prosperity.

Source: Saudi Gazette

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