- Fund's governor outlines five-year growth plan, speaking to CNBC's “Squawk on the Street"
- Outlines strategy to boost spending in domestic Saudi market
- “We don't have any bias towards a certain geography – we always look for the best investment from the long-term perspective."
His Excellency Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), has appeared on CNBC's “Squawk on the Street" to outline plans to grow the Fund's assets under management (AUM) to USD1.07 trillion by the end of 2025.
Al-Rumayyan spoke to the business show following the announcement of PIF's five-year strategy – spanning 2021-2025 – which outlines plans to grow AUM and contribute USD320 billion to Saudi Arabia's non-oil GDP. The Fund also said it would invest a minimum of USD40 billion annually in Saudi domestic projects and investments.
“We are more than tripling our investments in the Saudi economy," Al-Rumayyan told CNBC.
The PIF governor also said that the Fund will continue to deploy more funds in international investments. “We don't have any bias towards a certain geography – we always look for the best investment from the long-term perspective," he said.
Under its five-year plan, PIF will focus on 13 sectors as part of its core domestic strategy: Healthcare; Utilities & Renewables; Telecoms, Media & and Technology; Food and Agriculture; Automotive; Transport & Logistics; Real Estate; Aerospace & Defense; Construction & Building Components and Services; Entertainment, Leisure & Sports; Financial Services; Metals & Mining; and Consumer Goods & Retail.
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