Crown prince announces new 5-year strategy for Saudi Arabia’s economy

Crown prince announces new 5-year strategy for Saudi Arabia’s economy

PIF to invest $40bn a year until 2025JEDDAH: Saudi Crown Prince Mohammed bin Salman on Sunday launched a new five-year strategy for the Kingdom's sovereign wealth fund as Saudi Arabia drives toward achieving its Vision 2030 goal to diversify the economy away from dependence on oil.The Public Investment Fund (PIF) will pump at least $40 billion a year into the local economy, double its assets to $1.07 trillion, contribute U$320 billion to non-oil GDP and create 1.8 million jobs by 2025, said the crown prince, the fund's chairman.“We've launched many vital sectors and investment projects in Saudi Arabia and the private sector is a strategic partner for the PIF,” he said.“The new strategy comes to represent a major pillar in achieving the aspirations of our country and aims to achieve the concept of comprehensive development.”The 2021-2025 strategy will focus on launching new sectors, empowering the private sector, developing the PIF's portfolio, achieving effective long-term investments, supporting the localization of sectors and building strategic economic partnerships.“Our goal is to make our country a pioneer for the new human civilization,” the crown prince said. The PIF would “contribute to supporting development and economic diversification efforts in the Kingdom, in addition to consolidating