Saudi Arabia’s PIF to invest 3 trillion riyals over next 10 years: Crown Prince

Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the Kingdom’s strategy for its Public Investment Fund (PIF) for the next five years.

The Crown Prince estimated that the total assets of the PIF exceed 7 trillion and 500 billion riyals in 2030, adding that the government is committed to pumping 150 billion riyals annually into Saudi Arabia’s economy from the fund itself.

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“Today, we approve the Public Investment Fund Strategy 2021-2025, which is central to achieving our country’s ambitions: economic growth, good quality of life, and inclusive, sustainable development in all traditional and modern industries,” says Saudi Arabia’s Crown Prince,” Prince Mohammed bin Salman said during a televised address on the strategy.

“We launched many vital sectors and investment projects in Saudi Arabia with the private sector being a strategic partner of the Public Investment Fund,” he added.

#SaudiArabia’s Crown Prince Mohammed bin Salman announces the upcoming strategy for the Kingdom’s Public Investment Fund.#SaudiPIFhttps://t.co/3u1cAyIGN9 pic.twitter.com/Iwkuq1e19o

— Al Arabiya English (@AlArabiya_Eng) January 24, 2021

Last December, the PIF, Saudi Arabia’s sovereign wealth fund, said it had established a company to develop and expand the private security sector in the Kingdom. The National Security Services Co (SAFE) will focus on providing services such as security consulting, security solutions, training and development, and a range of specialized services, the PIF said in a statement on its website.

The new #PIFstrategy outlines significant governance, operational and structural enhancements across the Fund.

Launched today by HRH Crown Prince Mohammed bin Salman, here’s how the #PIFstrategy aims to meet the goals of #SaudiVision2030.

Learn more: https://t.co/8Qg9p110el pic.twitter.com/WhVhbjvCSd

— Public Investment Fund (@PIF_en) January 24, 2021

Established in 1971, the role of the PIF has changed significantly since the introduction of Saudi Arabia’s Vision 2030 back in April 2016. Vision 2030 envisions the fund controlling more than $2 trillion in assets, which would make it the largest SWF in the world.

Since the plan calls for the PIF to become a massive investment vehicle to help move the Kingdom away from its historic reliance on oil revenue, the fund has already made great strides to diversify its investments. The PIF has invested in many big-ticket projects and institutions, such as the Blackstone Infrastructure Fund, Virgin Galactic, and the Softbank Vision Fund.

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Last Update: Sunday, 24 January 2021 KSA 22:12 – GMT 19:12