Prince Mohammed bin Salman: Launching new sectors, building economic partnerships, and localizing technologies and knowledge </p><div itemprop="articleBody"> <p>Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, confirmed yesterday that the Public Investment Fund is targeting 4 trillion riyals ($ 1.06 trillion) assets and creating 1.8 million jobs in 2025. Adding that the fund does not He invests not only in business and sectors, but also in the future of the Kingdom and the world.
The Board of Directors of the Fund, headed by Prince Mohammed bin Salman, yesterday approved the adoption of the Public Investment Fund’s strategy for the next five years. The Crown Prince described it as “a major pillar in achieving the aspirations of our dear country towards economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development.”
The Crown Prince said that the fund’s strategy aims to achieve the goals of “Vision 2030” by maximizing the fund’s assets, launching new sectors, building strategic economic partnerships, and localizing technologies and knowledge, which would contribute to supporting development and economic diversification efforts in the Kingdom, and establishing its position as the preferred global investment partner. .
Prince Muhammad bin Salman pointed out that the fund will work in the coming years on many goals, the most important of which is to pump at least 150 billion riyals (40 billion dollars) annually into the local economy, increasingly until 2025, and to contribute through its subsidiaries to the gross domestic product. Non-oil exports worth 1.2 trillion riyals (320 billion dollars), cumulatively.
Prince Muhammad bin Salman stated in a speech during the Board of Directors meeting of “Public Investments” that the fund was able to achieve huge investment and economic achievements, through which it was able to reach important strategic goals and place it in a prominent position on the world map as a pioneering sovereign fund capable of investing and managing capital. Big money in multiple markets.
For his part, the Governor of the Public Investment Fund, Yasser Al-Rumayyan, indicated that “Vision 2030” contributed to “a significant impact in strengthening the role of the Fund with the reformation of the Fund’s Board of Directors headed by the Crown Prince, and the complete reformulation of its strategy, which enabled the achievement of strategic objectives on the Over the past four years, with high efficiency, achieving a positive impact on the local economy and maximizing sustainable returns.
Al-Rumayyan said that the fund had doubled its assets to about 1.5 trillion riyals by the end of 2020, and contributed to the activation of 10 new sectors, and succeeded in creating 331,000 direct and indirect jobs by the end of the third quarter of 2020.
According to Al-Rumayyan, the fund’s strategy 2021-2025 will continue to stimulate the growth and diversification of the Saudi economy by empowering the private sector in the Kingdom and supporting the development process, indicating that the fund will work to inject local investments into new projects by focusing on 13 vital and strategic sectors, which will contribute to Raise the level of local content to 60 percent in the fund and its affiliates and enhance efforts to diversify sources of revenue, tap into resource potentials, improve quality of life, as well as empower the local private sector and create jobs.