The Saudi Crown Prince and Chairman of the Board of Directors of the Public Investment Fund, Prince Muhammad bin Salman, revealed the fund's new strategy for the years 2021-2025, which aims to raise the quality of life and achieve sustainable development, as the assets of the investment fund will exceed 7.5 trillion riyals in 2030.
The Crown Prince affirmed that "the new strategy of the Fund comes to represent a major pillar in achieving our nation's aspirations towards economic growth, raising the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors," explaining that "the fund is targeting, according to its new strategy, by the end of 2025 to exceed the size of the assets is 4 trillion riyals, the creation of 1.8 million jobs directly and indirectly, and the contribution through its subsidiaries to the non-oil GDP of 1.2 trillion riyals, cumulatively."
Prince Mohammed bin Salman affirmed that "the fund will spend at least 150 billion riyals annually in the local economy, and progressively over the next five years," explaining that "the fund views the private sector as the most important partner and multiple countless successes are linked with it to give more opportunities", pointing out that "the Fund’s objectives are to raise the percentage of local content to 60% in projects and companies of the fund during the next five years, which represent its new strategy."
Source (Al-Arabiya.net website, Edited)
