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Saudi Press: Board of Directors of PIF Approved Five-Year Fund Strategy
Published in Saudi Press Agency on 26 - 01 - 2021

Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.
Al-Riyadh, Al-Yaum and Al-Bilad newspapers reported in their editorials that the Saudi Arabia's economy ranks among the most powerful economies in the world with enormous resources and the ability to ideally invest and face all challenges, as the Saudi economy nowadays is making unprecedented qualitative leaps that include elaborate planning for Saudi Arabia's long-term economic future.
The newspapers pointed to the speech of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic Affairs and Development, when the Board of Directors of the Public Investment Fund approved the Fund's five-year strategy. HRH the Crown Prince said that the new strategy represents a major pillar in achieving the aspirations of our dear country towards economic growth, upgrading the quality of life, and achieving the concept of comprehensive and sustainable development in various traditional and modern sectors. The Fund will work in the coming years on many goals, the most important of which is pumping at least SR150 billion annually in the local economy, in addition to contributing through its subsidiaries to the non-oil GDP with SR1.2 trillion cumulatively. The fund also aims, by the end of 2025, to have the size of assets exceeding SR4 trillion, in addition to creating 1.8 million jobs directly and indirectly, HRH the Crown Prince added.
In the same context, Al-Eqtisadiah newspaper added that the Public Investment Fund has worked on providing jobs and added value to the economy, injecting investments worth USD 25 billion inside the Kingdom of Saudi Arabia, including 15 billion in the NEOM project and the other ten billion in renewable and solar energy projects, and innovative projects.
The fund has also doubled the size of its assets to about SR1.5 trillion by the end of 2020, and contributed to the activation of 10 new sectors, as well as the creation of 331,000 direct and indirect jobs until the end of the third quarter of 2020.
The newspapers concluded that the approval of the fund's strategy for the upcoming five years is an evidence that the Public Investment Fund has become one of the main pillars of the growth of the national economy, which has contributed to the Kingdom's ability to surpass current circumstances, as the Kingdom of Saudi Arabia will also witness more qualitative leaps through the fund's program.


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