Wall Street Closing    U.S. Secretary of State Strongly Condemns Houthi Militia's Targeting of Civilians in Saudi Arabia    Shoura Council reiterates rejection of US report on Khashoggi murder    Saudi Cabinet lauds efficiency of air defense system in thwarting Houthi attacks    $400mn seized in anti-corruption probe    Kuwait's emir issues decree approving new Cabinet    Custodian of the Two Holy Mosques Chairs Cabinet's Virtual Session    OIC Condemns Houthi Militia's Failed Attempt of Launching Bomb-laden UAV Towards Saudi Arabia    Kuwait breaks daily COVID-19 case record for second day in a row    Golf Saudi launches ‘power of the game' podcast    Mercedes-EQ Formula E team and NEOM celebrate Diriyah E-Prix success    Arab Coalition intercepts Houthi armed drone targeting southern Saudi Arabia    Whole towns are refusing COVID-19 vaccines in Mexico    LuLu launches ‘Safe Shopping Hours' to join hands in the fight against COVID    Bab Rizq Jameel Microfinance supports Jaleesa platform    Saudi Stock Exchange Main Index Ends Trading Higher at 9,248.28 Points    Jazan Region Governor Receives Bangladesh's Ambassador, Consul General    Hundreds of Nigerian schoolgirls rescued days after kidnapping    OCHA: Yemen High-Level Pledging Event 2021 to Provide USD 1.67 Billion, Saudi Arabia Made the Largest Pledge    SAMA: 35% growth in residential new mortgages in January    Future Projects Forum 2021 to Showcase Projects with Total Value Exceeding SAR 600 Billion    King, Crown Prince congratulates Bulgaria president on National Day    NCB, Samba shareholders approve merger to create Saudi National Bank    Weather Forecast for Tuesday    Civil Defense: Military projectile launched by Iranian-backed terrorist Houthi militia falls on border village in Jazan Region    Saudis Al-Rajhi and Seaidan top international field for Sharqiyah Baja    Saudi Stock Exchange Main Index Ends Trading Lower at 9,138 Points    GACA to Allow Return of 737 MAX After Meeting Safety Requirements    AlUla — Journey Through Time photography exhibition in Milan set    HRH Crown Prince Attends Diriyah Formula E Race    Dutch De Vries Wins Inaugural Round of Formula E Diriyah Competitions 2021    KSU Medical City Participates with Medical Center to Ensure Safety of Formula E Participants    Inaugural Red Sea International Film Festival to take place in November    CEO of Formula E Highlights Strong Partnership with Saudi Arabia    Focusing a lens on courage, despair and hope    World's longest painting created in Dubai to raise 110mn dirhams for coronavirus-hit kids    Film Commission Launches 28 Cinematic Projects for Winners of Daw' Film Competition    SASCA in Dammam Sets a Deadline for Receiving Participations in International Video Art Forum    Saudi Film Commission Opens Registration Doors for Digital Filmmakers' Program    Saudi Arabia Names " Scales" Film to Represent it in Oscars    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

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.

Clic here to read the story from its source.