Saudi Arabia’s Crown Prince Mohammed bin Salman has announced a five-year Public Investment Fund (PIF) strategy for the kingdom.
Crown Prince has said that total assets of PIF will exceed 70 trillion and 500 billion riyals in 2030. The government will add 150 billion riyals annually to Saudi economy through this fund.
“Today we have approved PIF strategy for 2021 to 2025,” Saudi Crown Prince MBS said. They are central to the fulfillment of goals and ambitions of the state, he added.
These include economic growth, better living standards, and sustainable development of all traditional and modern industries. “We have launched a number of key sector and investment projects with private sector,” he said.
The PIF is a good partner. At first PIF was established in 1971, but since April 2016, Saudi Arabia’s Vision 2030, role of this investment fund has changed significantly. The fund has assets worth over 20 trillion. Presently PIF is the world largest independent fund.