RIYADH, Saudi Arabia,
Jan. 24, 2021 /PRNewswire/ --
- Fund plans to grow its assets under management to USD1.07 trillion by end of 2025 and contribute
USD320 billion to Saudi Arabia's non-oil GDP
- PIF has created 10 new sectors, launched over 30 new
companies, and created 331,000 jobs in Saudi Arabia over past four years
- The Vision Realization Program outlines roadmap as PIF drives
Saudi Arabia's economic
diversification and cements itself as a global investment
powerhouse
- PIF looks to focus on funding new human futures by:
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- Improving quality of life domestically and internationally
- Driving environmental and economic sustainability
- Developing new sectors and creating new job opportunities
The Public Investment Fund (PIF) today announced the launch of
its five-year strategy, including its Vision Realization Program
(VRP) 2021-2025. Following on the success of its VRP 2018-2020, the
strategy will ensure PIF continues to grow as a global investment
powerhouse and partner of choice for innovative and transformative
businesses worldwide. It will also enable the creation of new
industries and opportunities that will shape the future global
economy, while driving Saudi
Arabia's economic transformation.
The five-year strategy was approved during a recent PIF Board
meeting chaired by His Royal Highness Mohammad bin Salman Al-Saud,
Crown Prince, Deputy Prime Minister, Chairman of the Council of
Economic and Development Affairs and Chairman of PIF.
His Royal Highness the Chairman of PIF said the strategy
will act as a roadmap for the Fund in the coming five years as it
helps to realize the Kingdom's Vision 2030. Among the most
important initiatives, PIF will invest a minimum of USD40 billion annually in domestic projects and
investments, contribute USD320
billion to non-oil GDP cumulatively through its portfolio
companies, grow assets under management to over USD1.07 trillion, and create 1.8 million direct
and indirect jobs by the end of 2025.
His Royal Highness added that over the past four years, PIF made
significant progress at a time of great uncertainty in the global
economy. The strategy comes as an extension to these achievements,
looking to make the Fund the leading catalyst for Saudi Arabia's economic transformation and
diversification. His Royal Highness additionally stated that PIF
would continue to invest in businesses and sectors that would
contribute to driving the future of the Kingdom and the world-
pioneering the funding of new human futures.
PIF will focus on 13 sectors as part of its core domestic
strategy: Healthcare; Utilities & Renewables; Telecoms, Media
& and Technology; Food and Agriculture; Automotive; Transport
& Logistics; Real Estate; Aerospace & Defense; Construction
& Building Components and Services; Entertainment, Leisure
& Sports; Financial Services; Metals & Mining; and Consumer
Goods & Retail.
His Excellency Yasir Al-Rumayyan, Governor of PIF, said; "Over
the last four years, PIF has demonstrated its important role in
contributing to the Kingdom's economy, in line with the ambitions
of Vision 2030. Up to the end of 2020, we tripled assets under
management to nearly USD400 billion, create 10 new sectors and
generate 331,000 direct and indirect jobs.
"And as part of our strategy, we will continue to drive the
economic transformation of Saudi
Arabia and enable the private sector. We also partner with
innovative, transformative and disruptive companies around the
world to consistently serve as an important catalyst for the
development of the industries and opportunities of the future. Core
to our strategy is our focus on funding new human futures by
improving quality of life, driving environmental and economic
sustainability, and developing new sectors and jobs."
A key element of PIF's success has been the strategic economic
partnerships the Fund has developed with many of the world's
leading investors and businesses. The VRP 2021-2025 will enhance
these partnerships, providing investors with access to untapped
investment opportunities, creating synergies and value for the
global community. PIF will also continue to harness partnerships to
drive knowledge transfer and localization – bringing direct
benefits to the Saudi economy and people.
Notes to Editors
For more information: www.pif.gov.sa
About the Public Investment Fund (PIF)
The Public Investment Fund is one of the largest and most
impactful sovereign wealth funds in the world, driving the economic
transformation of Saudi Arabia for
the benefit of its people while helping shape the future global
economy. PIF is building a world-class portfolio through
investments in attractive, long-term opportunities across diverse
industries and asset classes internationally, while unlocking new
sectors at home. PIF works alongside global strategic partners and
renowned investment managers, and acts as the Kingdom of Saudi Arabia's primary investment
arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision
2030. More information can be found at www.pif.gov.sa