Saudi Arabia’s Public Investment Fund (PIF) wants to grow its assets to around $3tn by 2020, said its Govenor, Yasir Al Rumayyan.
At the same time it will increase employment in the Kingdom and lead global sustainability targets said the PIF boss.
The comments came at The Global PRIORITY Summit, organised by the Future Investment Initiative (FII) Institute.
Saudi PIF targets massive growth
Participating in the summit, Al Rumayyan, said that the Kingdom has carried out a comprehensive diagnosis and study of the Saudi economy.
It has made comparisons to other economies and set targeted objectives to for the Kingdom.
Citing IMF forecasts, he said the Saudi economy was expected to grow by 7.5 percent, the highest growth among developing countries.
Still, it exceeded the forecast, cut down unemployment rates from 13 per cent to nine per cent, and created half a million job opportunities, with targets set to double the number to 1.5 million by 2025.
He also said that the Kingdom has all the capabilities to realize the Saudi Vision 2023, be they the financial and human resources, adding that PIF was managing assets valuing $150bn in 2015.
Still, it now has around $650bn, and it targets increasing the value of its assets to $1tn in 2025 and between $2tn and $3tn by 2030.
The governor also indicated that the fund is the world’s largest investor in renewable energy and green hydrogen. It works within the national objectives and the Saudi climate action, which seeks to reach net zero emissions by 2050.
Princess Reema bint Bandar bin Sultan Al Saud, the Saudi Ambassador to the United States, underlined the active participation of the Saudi youth in the Saudi Vision 2030, which seeks to create opportunities for all segments of society, especially the youth.
She also explained that the government of the Custodian of the Two Holy Mosques and the Crown Prince is building a pioneering education track and has allocated considerable budgets to invest in the youth and enhance their participation and engagement in the development endeavour.
PRIORITY 2023 is staged in Miami, USA, with the participation of around 80 leading figures from all over the world to discuss the major priorities of all segments of the society during the current international circumstances.
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