LONDON/RIYADH - Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world’s biggest sovereign wealth funds.
A new five-year plan would make the fund “the leading catalyst for Saudi Arabia’s economic transformation and diversification,” the prince added in a speech on state TV. Foreign investment inflow to the kingdom was affected by the murder of Saudi journalist Jamal Khashoggi in 2018, then the drop in oil prices and the negative impact of COVID-19.
To boost domestic economy, the fund planned to inject at least 150 bln riyals annually in the local economy until 2025, Prince Mohammed added.
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