Saudi Arabia’s PIF aims to create 1.8 million jobs and boost assets to $1tn

Sovereign wealth fund plans to inject up to $266 billion into new projects, governor says

PIF governor Yasir Al Rumayyan says the fund has set up 71 companies since 2019. Pawan Singh / The National

Saudi Arabia’s Public Investment Fund aims to create 1.8 million jobs and boost the size of its assets to 4 trillion Saudi riyals ($1 trillion) as the kingdom's sovereign wealth fund continues to increase investments to support the growth of the Arab world's largest economy.

The PIF has been instrumental in creating more than 500,000 direct and indirect jobs and “intends to create 1.8 million direct and indirect jobs”, Yasir Al Rumayyan, governor of the PIF, said on the seventh anniversary of the launch of Saudi Vision 2030.

Mr Al Rumayyan said the total volume of the PIF’s assets under management amounted to more than 2 trillion riyals and it aims to double that by 2025.

“Today we are beginning a new phase of achievements in which the fund confirms its commitment and continuity in achieving its goals by the end of 2025, including contributing to the non-oil gross domestic product by about 1.2 trillion riyals and that the size of its assets exceed 4 trillion riyals,” Saudi Gazette quoted Mr Al Rumayyan as saying.

The PIF also intends to inject up to 1 trillion riyals into new projects in Saudi Arabia and “will continue its efforts to diversify the economy, support local content, develop innovative opportunities for the future, and contribute to creating an attractive environment for investments”, he added.

The fund is investing heavily to build new projects in the kingdom. It is mandated to pump $40 billion to $50 billion into the local economy to generate jobs and boost the non-oil economic base of the country.

It has set up 71 companies since 2019 in a number of strategic sectors, said Mr Al Rumayyan.

The PIF is supporting the development of new projects in Saudi Arabia including Neom. Photo: Neom

Companies established by the fund include the futuristic city of Neom, the Red Sea Development Company, Qiddiya, the KAFD Development and Management Company, SAMI, the Saudi Jordanian Investment Fund, Jeddah New Downtown Company, Saudi Entertainment Venture, Saudi Information Technology Company and National Energy Services.

The PIF also has investments in companies around the world including Lucid Motors, India’s Jio platforms, SoftBank group, Uber technologies and Blackstone.

Earlier this year, it became Nintendo's biggest foreign shareholder, boosting its stake in the Japanese gaming company to 8.26 per cent, from 7.08 per cent.