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The Public Investment Fund of Saudi Arabia (PIF) plans to double its assets by 2025 to 4 trillion riyals ($1.07 trillion), Prince Mohammed bin Salman said on Sunday, a step that would make it one of the largest sovereign wealth funds in the world.

Over the next 10 years, the fund will invest 3 trillion riyals ($800bn) in new industries, said the prince, who is the de facto ruler of Saudi Arabia and chairs the board of the fund.

A new five-year plan will make the fund the “leading catalyst for the economic transformation and diversification of Saudi Arabia,” the prince added in a state TV speech.

In his strategy to find ways of driving development while weaning the economy off its reliance on oil, the prince has long pushed the PIF as a core plank. More than half the revenue of the kingdom is still accounted for by oil exports.

“Sunday’s announcements highlighted “the fact that there will be PIF-led developments in Saudi Arabia. But, given the scale of its target, external funding will remain critical,” said Monica Malik, chief economist at the Abu Dhabi Commercial Bank.

“Sunday’s announcements highlighted “the fact that there will be PIF-led developments in Saudi Arabia. But, given the scale of its target, external funding will remain critical,” said Monica Malik, chief economist at the Abu Dhabi Commercial Bank.


The murder of Saudi journalist Jamal Khashoggi in 2018, followed by the collapse in oil prices and the negative effects of COVID-19, affected foreign investment inflows to the kingdom.

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The prince said the fund, which has already boosted its managed assets to 1.5 trillion riyals ($400 billion) by 2020 from $150 billion in 2015, was on track to achieve its target of getting more than 7.5 trillion riyals ($2.0 trillion) of managed assets by 2030.

He said the five-year plan will see the fund create 1.8 million direct and indirect jobs by 2025, compared with 331,000 by the end of the third quarter of 2020. Prince Mohammed, also known as MBS, added that the fund aimed to inject at least 150 billion riyals ($40 million) annually into the local economy until 2025 to improve the domestic economy.

By the end of 2025, he said, the PIF and its companies planned to contribute 1.2 trillion riyals ($319bn) to non-oil gross domestic product.

“The Fund’s role as a separate channel to support the economy at the time of volatile oil prices is of major importance. It will help build savings, secure financing and attract investments,” said Mazen al-Sudairi, head of research at Al Rajhi Capital.

After 2015, the fund has become a more aggressive participant, taking a $3.5bn Uber Technologies stake and adding $45bn to the inaugural $100bn technology fund of SoftBank.

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