Saudi Crown Prince Muhammad bin Salman
Riyadh … News Time
Saudi Crown Prince Mohammed bin Salman, who also heads the board of directors of the Public Investment Fund, has unveiled a new fund strategy for 2021-2025. According to the state-run news agency SPA and Al-Arabiya Net, Prince Mohammed bin Salman on Sunday unveiled a new Saudi state fund strategy aimed at achieving sustainable development and raising living standards. Prince Muhammad bin Salman said that the assets of the Public Investment Fund will be more than 7.5 trillion riyals in 2030. He said that the new strategy of the fund is based on the concept of economic growth rate, rising standard of living and sustainable and comprehensive development in various traditional and modern fields. This will fulfill the aspirations of the homeland.
Saudi Crown Prince Mohammed bin Salman said that under the new strategy, the fund aims to increase its assets by more than 4 trillion riyals by the end of 2025 and create 1.8 million new jobs, directly or indirectly. He said that over the next 34 years, 2 trillion riyals would be invested in new sectors which would bring the total assets of the public investment fund to three trillion riyals in new sectors. This will widen the scope of the national economy. Prince Muhammad bin Salman said the state fund would spend at least 150 billion riyals a year on the national economy. This cost will continue to increase over the next 5 years.
The Public Investment Fund considers the private sector to be the most important partner. There are many successes associated with it. The fund will provide more opportunities to the private sector. He said that over the next five years, the proportion of national share in fund companies and projects will increase to 60%.Muhammad bin Salman said that the Public Investment Fund is not only the investment wing of Saudi Arabia but it is in a way the future of Saudi Arabia but the whole world. Our goal is for Saudi Arabia to be the caravan of modern human civilization. He further said that Public Investment Fund has achieved great economic and investment achievements achieved key strategic goals.
Saudi Arabia has a prominent place on the world map. It has the status of a powerful state fund. It has the potential to invest heavily in multiple markets and run it efficiently. Prince Mohammed bin Salman said the fund’s strategy is aimed at fulfilling the goals of Saudi Vision 2030. This will be achieved by increasing the fund’s assets, introducing new sectors, establishing strategic economic partnerships and making knowledge technology part of Saudi Arabia. This will help strengthen economic diversification and development efforts in Saudi Arabia. This will put Saudi Arabia in a strong position to become the world’s most preferred investment partner.
