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.
The prince has long pushed the Public Investment Fund as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil. Crude exports still account for more than half the kingdom’s income. The prince said the fund, which has already increased its assets under management to 1.5 trillion riyals by 2020 from 150 billion riyals in 2015, was on track to meet its goal of having more than 7.5 trillion riyals of assets under management by 2030.
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