Saudi Arabia’s PIF (Public Investment Fund) had been exploring an option to double up assets to $1.07 trillion or 4 trillion Saudi riyals by 2025, the Kingdom’s Crown Prince Mohammed bin Salman said on Sunday, marking up a strident push which in effect would make Saudi’s PIF one of the largest sovereign funds across the globe.
As of now, Norway’s Government investment fund has been the largest with 1,186.67 billion worth of US Dollars in the vault and China Investment Corporation ranks the second-largest with a $940.6 billion at its coffer, while Saudi’s Public Investment Fund stood as the ninth-largest sovereign investment fund across the globe, data from Statista had unveiled.
In point of fact, speaking in an inauguration of Saudi PIF’s five-year investment plan on a state-backed Television channel, the Crown Price was quoted saying that the fund would invest about 3 trillion Saudi riyals in new sectors over the next decade, while in a separate statement, Saudi’s Sovereign fund said on its website that the Public Investment Fund had witnessed a meteoric growth in assets over the past five years and under current management, Saudi PIF’s assets ballooned to 1.5 trillion riyal last year compared to a figure of 150 billion riyals registered in 2015.
PIF on track to raise 7.5 trillion riyals of assets by 2030
Aside from that, the Kingdom of Saudi Arabia’s de-facto ruler, Crown Prince Mohammed bin Salman had added in the speech that the heavily oil-reliant nation’s PIF had been on track to meet a planned target to raise at least 7.5 trillion riyals of assets under management by 2030, while the Crown Prince had also said that the Public Investment Fund had stirred up as many as 331,000 direct and indirect jobs by Q3, 2020 and the fund was expected to create up to 1.8 million jobs over the next five years.
More importantly, Saudi’s Sovereign wealth fund, which the country’s Crown Prince Mohammed bin Salman had long been contemplating as a potential escape route from a sheer reliance on oil for revenues, aimed to contribute at least 1.2 trillion worth of Saudi riyals in non-oil GDP (Gross Domestic Product) by 2025, added the Prince on his televised speech.