Saudi wealth fund to contribute $40 billion per year into economy

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Saudi Arabia’s Public Investment Fund, Riyadh, will inject 150 billion riyal ($40 billion) into the economy in 2021 and again in 2022, the kingdom’s crown prince said.

The PIF “has become one of the major drivers of growth for the Saudi economy,” Crown Prince Mohammed bin Salman, also deputy prime minister and minister of defense, said in a statement published on the kingdom’s official Saudi Press Agency website.

The PIF has about 1.3 trillion riyals in assets, he said. Under the kingdom’s Vision 2030, a strategic plan to reduce its reliance on oil revenues, the goal is for assets to exceed 7 trillion riyals.

The 150 billion riyals investment into the Saudi economy for 2021 and 2022 is set to rise annually until 2030, the statement said.

“This liquidity will be provided through monetization and recycling of the fund’s investments to enter into new opportunities, create a local economic cycle that enables the emergence of new sectors and contribute to providing new revenues for the state,” the statement said.