Saudi's Public Investment Fund launches 5-year strategy to bolster the local economytext_fields
Saudi Arabia to invest around 1 trillion riyals in the local economy for the five-year strategy of the Kingdom's Public Investment Fund (PIF) in the next phase of Saudi Vision 2030. The PIF action plan was launched by the Crown Prince Mohammed bin Salman to foster Saudi assets under management to over SAR4 trillion by the end of 2025.
The initiatives in the PIF include a minimum annual investment of $40bn in domestic sectors and a contribution of SAR1.2tn to non-oil GDP cumulatively through its portfolio companies. PIF also aims to invest SAR3tn in the coming ten years and generate 1.8 million direct and indirect jobs by the end of 2025.
The five-year strategy, including its Vision Realization Programme (VRP) 2021-2025, was approved in a PIF Board meeting chaired by the CP and chairman of PIF, Mohammed Bin Salman Al-Saud in a hope to be the world's largest sovereign wealth funds by 2030. VRP will launch new sectors of the economy and boost existing reforms launched in the previous VRP.
The 13 domestic sectors of the five-year plan include healthcare, IT, utilities and renewables, telecommunication, food and agriculture, transport, logistics, real estate, defence, construction, entertainment, financial services and trade. PIF launched several giga projects in line with Vision 2030 and generated around 331,000 jobs by the end of the third quarter of 2020.
During the launch, the CP stressed that the five-year strategy is to achieve the Kingdom's ambitions for quality life, enhanced economic growth and inclusive sustainable development in all industries.