PIF’s 2021-25 strategy to continue to drive Saudi economic transformation: Al-Rumayyan

Yasir Al-Rumayyan Governor of PIF

Public Investment Fund (PIF) demonstrated its important role over the last four years in contributing to the Kingdom’s economy, in line with the ambitions of Vision 2030, Yasir Al-Rumayyan, Governor of PIF, said.

The PIF doubled its assets to nearly SAR 1.5 trillion by the end of 2020.  

The Kingdom’s sovereign wealth fund introduced 331,000 direct and indirect job opportunities until the end of Q3 2020.

“And as part of our strategy, we will continue to drive the economic transformation of Saudi Arabia and enable the private sector. We also partner with innovative, transformative and disruptive companies around the world to consistently serve as an important catalyst for the development of the industries and opportunities of the future. Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs.”

The PIF is planning to inject local investments of SAR 1 trillion in 13 strategic sectors over the next five years.  

It also aims to increase local content to 60% in the projects of the fund and its affiliates by the end of 2025, continuing to offer new opportunities to the private sector, Al-Rumayyan noted.

PIF is making significant strides toward becoming one of the world’s largest sovereign wealth funds by 2030. Its assets will exceed SAR 7.5 trillion, he concluded.

A key element of PIF’s success has been the strategic economic partnerships the fund has developed with many of the world’s leading investors and businesses. The Vision Realization Program (VRP) 2021-2025 will enhance these partnerships, providing investors with access to untapped investment opportunities, creating synergies and value for the global community.

PIF will also continue to harness partnerships to drive knowledge transfer and localization – bringing direct benefits to the Saudi economy and people.