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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Public Investment Fund has a complete plan in place to grow the fund’s assets to between $2 to $3 trillion by the end of this decade, said its Governor Yasir Al-Rumayyan, as the Kingdom steadily progresses towards achieving its goals outlined in Vision 2030.
In an interview given to the Thmanyah podcast, Al-Rumayyan said that any company established by PIF aims to be offered for subscription in the Saudi market. He added that the number of the fund’s subsidiaries reached 85, with 50 companies founded by the PIF.
According to data released by Sovereign Wealth Fund Institute in April, PIF is currently in the fifth spot among the largest sovereign funds in the world with assets valued at $620 billion.
“We want to reach $1 trillion by 2025. And we are almost now less than $700, we need close to $400 billion to reach this size of assets,” said Al-Rumayyan.
He added: “We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”
During the interview, Al-Rumayyan revealed that PIF created 400,000 jobs in the last five years, and added that the fund aims to create another 1.8 million jobs in the next five years.
He also pointed out that PIF has placed entertainment and sports among its strategic sectors, and added that investments in the electronic games sector will be one of the best choices in terms of returns.
Al-Rumayyan further added that the PIF made over 40 percent profits from SR35 billion worth of investments during the COVID-19 pandemic.
The PIF executive noted that local content is targeted to reach 60 percent of the projects and added that PIF is a driver of the Saudi economy, which should invest in new sectors, of which the local content is part.
He also added that the fund is paving the way for private sectors to mark their presence in the cinema industry, with six companies already operating in the market.
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