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Saudi’s PIF announces$ 266 bn to diversify economy and create new jobs

The fund also plans to invest SR 2 trillion in fresh projects between 2026 and 2030

The Kingdom of Saudi Arabia’s PIF will invest $ 266 billion to bolster the Kingdom’s economy, media reports said. The fund will invest SR 1 trillion in the next five years through 13 different strategic segments of the Kingdom.

PIF will increase its asset volume by over SR 4 trillion by 2025 to touch the SR 7.5 trillion mark by 2030. The fund also plans to invest SR 2 trillion in fresh projects between 2026 and 2030 for a cumulative SR 3 trillion investment in fresh projects over the next 10 years.

It is reported that the fund will also produce 1.8 million direct and indirect jobs in the next five years as part of its economic diversification and job creation plan.

Crown Prince Mohammed bin Salman, told the media, “Over the past years the PIF has made significant investments to achieve strategic targets doubling its assets to approximately to SAR 1.5 trillion by end 2020. The plan would act as a roadmap for the next five years and would help the kingdom achieve its Vision 2030. During the past few years, the PIF has reached huge economic and investment achievements. The PIF has made significant investments to achieve strategic targets doubling its assets to approximately to SAR 1.5 trillion by end 2020.”

The PIF is looking to become as the world’s largest sovereign wealth funds by 2030 as its assets are expected to cross the 7.5 trillion mark.

The Kingdom has been working hard towards its Saudi 2020 Vision.

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