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The PIF has a comprehensive plan to expand its assets to between $2 billion and $3 billion by 2030: Al-Rumayyan

RIYADH: Saudi Arabia’s Public Investment Fund has a comprehensive plan in place to grow the fund’s assets to between $2 trillion and $3 trillion by the end of this decade, its governor Yasir Al-Rumayyan said, while that the Kingdom is making steady progress towards achieving its goals set out in Vision 2030.

In an interview with the Thmanyah podcast, Al-Rumayyan said that any business created by PIF aims to be offered for underwriting in the Saudi market. He added that the number of subsidiaries of the fund has reached 85, with 50 companies founded by the PIF.

According to data released by the Sovereign Wealth Fund Institute in April, the PIF currently ranks fifth among the largest sovereign wealth funds in the world with assets valued at $620 billion.

“We want to reach $1 trillion by 2025. And we are almost now under $700, we need almost $400 billion to reach that size of assets,” Al-Rumayyan said.

He added: “We have a comprehensive plan by 2030, on how to reach $1 trillion and how to reach between $2 and $3 trillion, and His Highness the Crown Prince is determined to achieve it.”

During the interview, Al-Rumayyan revealed that the PIF had created 400,000 jobs over the past five years and added that the fund aims to create an additional 1.8 million jobs over 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 more than 40% profit on SR35 billion of investments during the COVID-19 pandemic.

The PIF executive noted that local content aims to reach 60% of projects and added that the PIF is a driver of the Saudi economy, which should invest in new sectors, of which local content is a part.

He also added that the fund paves the way for private sectors to mark their presence in the film industry, with six companies already operating in the market.

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