Saudi Arabia’s wealth fund is to invest $10 billion (SAR37.5 billion) in e-commerce and renewables global stocks this year as it pushes ahead with its 2025 goal of a twofold increase in assets, Bloomberg reported citing people familiar with the matter.

The investment is to come in addition to the Public Investment Fund’s direct investment in global businesses as well as domestic deals.

The fund's aim is for 80 percent of its investments to be utilized locally while the remaining 20 percent is to be spent internationally.

“To grow and diversify PIF’s international portfolio investments broadly, across geographies, asset classes and sectors, and away from the domestic economy and oil and gas industries,” Bloomberg reported, citing a document that delineated the fund’s plan up to 2025.

Upon securing $40 billion from the Kingdom’s reserves in 2020 as a result of pandemic repercussions, the Saudi wealth fund had an accumulated $500 billion worth of assets which it used to acquire stakes in large corporations.

It plans to double its assets to reach $1.1trillion by 2025.

Chaired by Crown Prince Mohamed bin Salman, the Public Investment Fund’s public holdings are currently valued at an estimated $200 billion.

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