Saudi Arabia’s sovereign wealth fund has more than quadrupled assets over the past eight years and aims to boost investments to $2-3 trillion in 2030, its Governor has said. 

Assets of the Public Investment Fund (PIF) stood at nearly $150 billion at the end of 2015 and are now estimated at $650 billion, Yassir Al-Rumyan told a finance conference in the US Miami city on Thursday. 

In his remarks, published by Al-Yaum and other Saudi dailies on Friday, Rumyan said PIF is working to expand investments to $1 trillion at the end of 2025. 

“We have set a target to double our investment to between $2 trillion and $3 trillion in 2030, he added. 

Rumyan noted that PIF, the third largest Arab SWF after those in the UAE and Kuwait, has become “the largest green energy and hydrogen investor in the world.” 

(Writing by Nadim Kawach; Editing by Anoop Menon)