Saudi Crown Prince Reveals PIF to Inject $40 Billion Annually toward Saudi Economy in 2021 and 2022
Posted on 11/12/2020
Saudi Arabia’s Crown Prince Mohammed bin Salman disclosed that the country’s sovereign wealth fund – Public Investment Fund (PIF) – would inject 150 billion Saudi riyals (US$ 40 billion) annually into the Saudi economy in years 2021 and 2022.
In 2019, local investments made by PIF touched 58 billion SAR and it seeks to end up investing 96 billion SAR domestically in 2020.
“Economic diversification is key to the kingdom’s sustainability, and we are working hard to achieve this through PIF investments in tourism, sports, industry, agriculture, transportation, mining, space and other sectors,” Crown Prince Mohammed bin Salman said in a statement published by the Saudi Press Agency (SPA).
The crown price disclosed PIF managed to double its asset base to over 1.3 trillion SAR and is on target to reach 7 trillion SAR in assets by 2030. PIF managed to create higher investment returns at a minimum of 7%, from 2% since its establishment.