RIYADH, Saudi Arabia/PRNewswire/
- PIF has created 10 new sectors, launched over 30 new companies, and created 331,000 jobs in Saudi Arabia over past four years
- The Vision Realization Program outlines roadmap as PIF drives Saudi Arabia's economic diversification and cements itself as a global investment powerhouse
- PIF looks to focus on funding new human futures by:
- Improving quality of life domestically and internationally
- Driving environmental and economic sustainability
- Developing new sectors and creating new job opportunities
The Public Investment Fund (PIF) today announced the launch of its five-year strategy, including its Vision Realization Program (VRP) 2021-2025. Following on the success of its VRP 2018-2020, the strategy will ensure PIF continues to grow as a global investment powerhouse and partner of choice for innovative and transformative businesses worldwide. It will also enable the creation of new industries and opportunities that will shape the future global economy, while driving Saudi Arabia's economic transformation.
The five-year strategy was approved during a recent PIF Board meeting chaired by His Royal Highness Mohammad bin Salman Al-Saud, Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of PIF.
His Royal Highness the Chairman of PIF said the strategy will act as a roadmap for the Fund in the coming five years as it helps to realize the Kingdom's Vision 2030. Among the most important initiatives, PIF will invest a minimum of USD40 billion annually in domestic projects and investments, contribute USD320 billion to non-oil GDP cumulatively through its portfolio companies, grow assets under management to over USD1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025.
His Royal Highness added that over the past four years, PIF made significant progress at a time of great uncertainty in the global economy. The strategy comes as an extension to these achievements, looking to make the Fund the leading catalyst for Saudi Arabia's economic transformation and diversification. His Royal Highness additionally stated that PIF would continue to invest in businesses and sectors that would contribute to driving the future of the Kingdom and the world- pioneering the funding of new human futures.
PIF will focus on 13 sectors as part of its core domestic strategy: Healthcare; Utilities & Renewables; Telecoms, Media & and Technology; Food and Agriculture; Automotive; Transport & Logistics; Real Estate; Aerospace & Defense; Construction & Building Components and Services; Entertainment, Leisure & Sports; Financial Services; Metals & Mining; and Consumer Goods & Retail.
His Excellency Yasir Al-Rumayyan, Governor of PIF, said; "Over the last four years, PIF has demonstrated its important role in contributing to the Kingdom's economy, in line with the ambitions of Vision 2030. Up to the end of 2020, we tripled assets under management to nearly USD400 billion, create 10 new sectors and generate 331,000 direct and indirect jobs.
"And as part of our strategy, we will continue to drive the economic transformation of Saudi Arabia and enable the private sector. We also partner with innovative, transformative and disruptive companies around the world to consistently serve as an important catalyst for the development of the industries and opportunities of the future. Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs."
A key element of PIF's success has been the strategic economic partnerships the Fund has developed with many of the world's leading investors and businesses. The VRP 2021-2025 will enhance these partnerships, providing investors with access to untapped investment opportunities, creating synergies and value for the global community. PIF will also continue to harness partnerships to drive knowledge transfer and localization – bringing direct benefits to the Saudi economy and people.
© Press Release 2021
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