Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the biggest sovereign wealth funds in the world, Trend reports citing Reuters.
The fund would invest 3 trillion riyals in new sectors over the next 10 years, the prince added as he launched the fund’s five-year plan in a speech on state TV.
The fund says on its website that it has already increased its assets under management to 1.5 trillion riyals by 2020, from 150 billion riyals in 2015.
Prince Mohammed said the Public Investment Fund (PIF) was on track to meet its previously stated goal of having more than 7.5 trillion riyals of assets under management by 2030.
The prince who is Saudi Arabia’s de-facto ruler said the fund had created 331,000 direct and indirect jobs by the third quarter of 2020 and aimed to create 1.8 million direct and indirect jobs in the next five years.
To boost domestic economy, the fund planned to inject at least 150 bln riyals annually in the local economy until 2025, he said.
The PIF and its companies aimed to contribute 1.2 trillion riyals to non-oil gross domestic product (GDP) by the end of 2025, he added.