RIYADH – Saudi Arabia approved yesterday the five-year strategy of its Public Investment Fund, including pumping US$40 billion (RM161.9 billion) annually into the local economy, reported Xinhua news agency.
Crown Prince Mohammed bin Salman said that the strategy will upgrade the quality of life and achieve the concept of comprehensive and sustainable development in various traditional and modern sectors, the Saudi Press Agency reported.
The fund will work in the coming years on many goals, including contributing through its subsidiaries to the non-oil gross domestic product with US$320 billion cumulatively.
The fund also aims, by the end of 2025, to have its size of assets exceed US$1.06 trillion, in addition to creating 1.8 million jobs directly and indirectly.
“In the Public Investment Fund, we do not just invest in businesses and sectors, but rather in the future of the kingdom and the world,” the prince said. – Bernama, January 25, 2021
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