Saudi Arabia’s PIF eyes $1trln assets by end of 2025, says deputy governor

RIYADH: Saudi Arabia's Public Investment Fund (PIF) assets have grown to about SR1.6 trillion ($426.6 billion) and it aims to expand this to SR4 trillion ($1 trillion) by the end of 2025, said Deputy Governor Yazeed Al-Hamid.

The sovereign wealth fund aims to boost its local investments to account for 75-80 percent of its total investments, Al-Hamid told Al Riyadh paper.

The PIF contributed about SR311 billion in the Saudi economy, and contributed to generating 331,000 direct and indirect jobs in the local market between 2016 and 2020. It aims to generate about 1.8 million direct and indirect jobs by the year 2025, he said.

The PIF also hopes to pave the way for more local stock exchange flotations by becoming an active participant in the Kingdom's financial markets, through the listing of some of its Saudi units.

It is focusing on 13 strategic sectors including service utilities, renewable energy, aviation and defense, vehicles, transport and logistics, minerals and mining, financial services, health care, communications, media and technology, food and agriculture, and others, Al-Hamid said.