The Public Investment Fund (PIF) Program (2018-2020) is launched today as part of the Kingdom's Vision 2030 Vision Realization Programs (VRP). The PIF Program is one of twelve Vision Realization Programs, and acts as a roadmap for the next three years to strengthen PIF's position as the engine behind economic diversification in the Kingdom. Furthermore, the Program underpins PIF's role in supporting a crucial component of the Vision 2030 agenda, to transform the Kingdom of Saudi Arabia into a global investment powerhouse. The four key objectives underpinning the Program include growing and maximizing PIF assets; launching new sectors; localizing advanced technologies and knowledge; and building strategic economic partnerships. Over the past two years, the PIF Board - chaired by Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense, and Chairman of Council of Economic and Development Affairs (CEDA) has undertaken a wide range of actions to drive forward the transformation of PIF as it develops into one of the world's leading and most impactful sovereign wealth funds. These activities include developing expertise and more than tripling the size of the Fund's staff to around 200, whilst undertaking major reforms to the Fund's investment, governance, legal, risk and compliance and finance functions. The newly-launched PIF Program outlines how the Fund aims to complement private sector development in the Kingdom through its new domestic investment pools, split between the Fund's Saudi Holdings, Saudi Sector Development, Saudi Real Estate ; Infrastructure Development, and Saudi Giga-Projects pools. --More 11:57 LOCAL TIME 08:57 GMT www.spa.gov.sa/1680892
