RIYADH: Saudi Arabia’s Public Investment Fund (PIF) assets have grown to about SR1.6 trillion ($426.6 billion) and it aims to expand this to SR4 trillion ($1 trillion) by the end of 2025, said Deputy Governor Yazeed Al-Hamid.
The sovereign wealth fund aims to boost its local investments to account for 75-80 percent of its total investments, Al-Hamid told Al Riyadh paper.
The PIF contributed about SR311 billion in the Saudi economy, and contributed to generating 331,000 direct and indirect jobs in the local market between 2016 and 2020. It aims to generate about 1.8 million direct and indirect jobs by the year 2025, he said.
The PIF also hopes to pave the way for more local stock exchange flotations by becoming an active participant in the Kingdom’s financial markets, through the listing of some of its Saudi units.
It is focusing on 13 strategic sectors including service utilities, renewable energy, aviation and defense, vehicles, transport and logistics, minerals and mining, financial services, health care, communications, media and technology, food and agriculture, and others, Al-Hamid said.
He emphasized the role of the fund’s investments in promoting the renewable energy sector in the Kingdom amid the pressing global challenge of climate change.
He said that the ‘fund of funds’ company (Jada) was established to stimulate investment in private equity and venture capital funds.
It has invested SR1.4 billion in 18 investment funds so far, Al-Hamid said.
Among its investments is a 50 percent stake in Americana, a leading restaurant and food company in the MENA region.
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