PIF says its 2018-2020 programme will create 20,000 domestic jobs
Saudi Arabia’s Public Investment Fund has launched its 2018-2020 programme, which will see the fund’s assets under management increase to SR1.5 trillion ($400 billion).
According to PIF, the programme – which is underpinned by 30 separate initiatives – will lead to the creation of 20,000 direct domestic jobs, more than half of which will be highly-skilled roles, as well as 256,000 construction jobs.
PIF says this will increase its contribution to real GDP from 4.4 percent to 6.3 percent and increase the share of local content to SR50 billion ($13 billion). The programme also hopes to increase PIF total shareholder returns from 3 percent to between 4 and 5 percent.
The PIF programme is one of 12 Saudi Vision 2030 “vision realisation” programmes.
“The PIF Program represents a vital milestone as we work towards realizing Vision 2030,” Crown Prince Mohammed bin Salman said.” As well as being recognized for being well-capitalized, the Fund also wants to be known as being well-run, transparent and well-governed, and the PIF Program will ensure this ambition is delivered.
Additionally, the PIF programme outline how the fund plans to complement private sector development using new domestic investment pools, split between the Fund’s Saudi Holdings, Saudi Sector Development, Saudi Real Estate & Infrastructure Development, and Saudi Giga-Projects pools.