Saudi Gazette report

WASHINGTON — From $150 billion of assets in 2015, Public Investment Fund (PIF) now manage around $650 billion of assets, the fund governor said.

Yasir Al-Rumayyan said the fund wants to increase the value of its assets to $1 trillion in 2025 and between $2-3 trillion by 2030.

He made these remarks during the Global PRIORITY Summit, organized by the Future Investment Initiative (FII) Institute and launched on Thursday in Miami with the participation of around 80 leading figures from all over the world to discuss the major priorities of all segments of society during the current global circumstances.

Al-Rumayyan indicated that the fund is the world’s largest investor in renewable energy and green hydrogen. It works within the national objectives and the Saudi climate action, which seeks to reach net zero emissions by 2050.

Citing the International Monetary Fund’s forecasts, he said the Saudi economy was expected to grow by 7.5 percent, the highest growth among developing countries. Still, it exceeded the forecast, cut down unemployment rates from 13 percent to 9 percent, and created half a million job opportunities, with targets set to double the number to 1.5 million by 2025.

Al-Rumayyan explained that the Kingdom has carried out a comprehensive diagnosis and study of the Saudi economy, which included comparisons with other economies, employing in that endeavor the best expertise and performance indicators to achieve the targeted objectives.

Princess Reema bint Bandar, Saudi Ambassador to the United States, underlined the active participation of the Saudi youth in the Saudi Vision 2030, which seeks to create opportunities for all segments of society, especially the youth.

She also explained that the government of the Custodian of the Two Holy Mosques and the Crown Prince is building a pioneering education system and has allocated considerable budgets to invest in the youth and enhance their participation and engagement in the development endeavor.