The Public Investment Fund (PIF) is committed to investing 1 trillion Saudi riyals ($266.65 billion) in diverse projects across Saudi Arabia over the next five years, a senior executive has said.

The move will allow the private sector to participate as an investor, financier, contractor, developer, or supplier through opportunities spanning the entire value chain, Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, told Al-Arabiya Business.

He said the fund will follow a master developer model, building infrastructure and basic services while allowing the private sector to develop projects of different sizes and sectors.

The PIF intends to develop 200,000 housing units and 90,000 hotel rooms over the next five years, the report said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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