Anas Alyusuf

Saudi Gazette

JEDDAH — On the occasion to mark the 5th year of the launch of the Saudi Vision 2030, latest developments show that the Public Investment Fund (PIF) is gearing up to be a lever for diversifying the Kingdom’s sources of income.

This is in accordance with the strategy approved by PIF a few weeks ago.

The Saudi sovereign wealth fund will be instrumental in implementing the mega Vision projects and thus translating into action the Vision’s objectives to spur the overall Saudi economic development.

This is part of the initiatives that will transform PIF into one of the largest sovereign funds in the world.

A recent meeting of the PIF’s Board of Directors, chaired by Crown Prince Muhammad Bin Salman, approved the fund’s strategy for the next five years, with the aim of raising the volume of assets to over SR4 trillion ($1.066 trillion).

This will in order spur economic development and eventually generate 1.8 million direct and indirect jobs by the end of 2025.

The PIF is also committed to pump at least SR150 billion annually into the local economy.

The most salient features of the new strategy include achieving Saudi ambitions towards economic growth, raising the quality of life, and accomplishing the concept of comprehensive and sustainable development in diverse traditional and modern sectors.