Al Yaum: PIF’s mission to diversify the Saudi economy

In the media
05 April 2022 Riyadh, KSA
Saudi economy
  • Public Investment Fund instrumental in accomplishing aims of Vision 2030.
  • New sectors launched under Fund's five-year strategy. 

As Saudi Arabia's national sovereign wealth fund, the Public Investment Fund (PIF) has proved instrumental in accomplishing the objectives of the Kingdom's Vision 2030 reform plan, which aims to bring about sweeping, growth-oriented, and sustainable socio-economic change.

Six years after Vision 2030 was announced, PIF continues its drive to maximize its assets for the benefit of the Saudi economy, as reported in Al Yaum. Under its 2021-2025 strategy, which outlines 13 sectors of focus, the Fund is spearheading new economic and business opportunities in the Kingdom, localizing modern technologies and knowledge and building strategic economic partnerships.

PIF's contributions to the national economy, in collaboration with key government entities, are gauged through a series of performance indicators. These measure the Fund's support of vital national projects to develop some of the Kingdom's most important industries, as well as its growth through high-profile international investments, which include stakes in electric-car maker Lucid Group, the Indian tech company Jio Platforms, and SoftBank's Vision Fund 1.

The economic ripple effect created by such investments will lead to an uptick in new job opportunities, stimulate growth in Saudi Arabia's non-petroleum GDP, increase local production and promote prosperity across the private sector. Ultimately, this will result in an improvement in quality of life for Saudi citizens, and a more advantageous global standing for the nation as a whole.

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