Saudi Arabia expects SAR15-25 bln dividend from PIF: Al-Jadaan

Saudi Arabia expects to receive between SAR 15-25 billion in dividends from its sovereign wealth fund, Public Investment Fund (PIF), in a one-off measure, Reuters reported, citing Minister of Finance Mohammed Al-Jadaan.

Receiving dividends from PIF is an exceptional decision, said Al-Jadaan, adding that the Kingdom does not plan to claim other dividends from the fund in the future.

The transfer of SAR 150 billion this year from the Saudi Central Bank (SAMA) to PIF, with the aim of supporting the fund's investments was a "very exceptional transfer in a very exceptional year", Al-Jadaan explained. He noted that there are no plans currently to make more transfers in the future.

The sovereign wealth fund invested these funds and achieved above 19% profit in a period of seven to eight months, the minister added.

Meanwhile, Crown Prince Mohammed bin Salman earlier said that PIF became a main driver for the Saudi economic growth, adding that the fund plans to inject hundreds of billions into the economy in 2021 and beyond, which will help the emergence of other sectors, create more jobs, and generate additional state revenues, according to Argaam's available data.