Saudi Arabia’s Public Investment Fund launched a five-year strategy on Sunday, with aim of doubling assets to $1.07 trillion, help create jobs and pump billions of dollars into the kingdom's non-oil economy.
The sovereign wealth fund will invest a minimum of $40 billion a year into the domestic economy until 2025 and help create 1.8 million jobs. It will contribute $320bn to the kingdom's non-oil economy.
The PIF created 10 new sectors, launched over 30 new companies, created 331,000 jobs in Saudi Arabia, and tripled assets under management to nearly $400 billion over past four years, Yasir Al-Rumayyan, governor of the sovereign wealth fund said.
"We will continue to drive the economic transformation of Saudi Arabia and enable the private sector," Mr Al-Rumayyan said. "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."
Despite uncertainty in the global economy the fund has pressed forward over the past four years with the aim of transforming and diversifying the kingdom's economy in line with the Vision 2030 plan, Crown Prince Mohammed bin Salman, who chairs the PIF, said in a statement.
The fund will continue to invest in businesses and sectors that "contribute to driving the future of the kingdom and ... the funding of new human futures," he said.
Under the five-year strategy the PIF will focus on 13 sectors as part of its core domestic strategy.
They include healthcare, renewables, telecoms, media and technology, food and agriculture, automotive, transportation and logistics, real estate, aerospace and defence, construction and building components and services. The kingdom will also continue to develop entertainment, leisure and sports, financial services, metals and mining, and its retail sector.
"Investment in domestic sectors will unlock the growth potential of priority sectors for the kingdom and in turn create economic impact through GDP growth, jobs creation, increased local content, and providing opportunities for the private sector to thrive, as well as overall improving the quality of life of Saudis and positioning the kingdom as one of the leading countries on the world stage," the fund said.
Mr Al-Rumayyan said the fund will continue partnering with global innovative, transformative and disruptive companies that "serve as an important catalyst for the development of the industries and opportunities of the future."
The fund's five-year plan will build on its existing partnerships and provide investors with access to untapped investment opportunities, while creating synergies and value.
The PIF will "continue to harness partnerships to drive knowledge transfer and localisation – bringing direct benefits to the Saudi economy and people."
Some of the companies established by the fund include the futuristic city known as 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 the National Energy Services.
In a separate announcement, Saudi Arabia replaced Ahmed Alkholifey as central bank governor with Fahad Al Mubarak, who headed the central bank from 2011 to 2016. Mr Alkholifey was appointed an advisor to the royal court with the rank of minister.