Crown Prince of Saudi Arabia Mohammed bin Salman
Photographer: Mandel Ngan / AFP / Getty Images
Photographer: Mandel Ngan / AFP / Getty Images
Saudi Arabia’s sovereign wealth fund will more than double in size to exceed 4 trillion rials ($ 1.1 trillion) in assets under management by 2025, Crown Prince Mohammed bin Salman said.
The fund’s assets reached 1.5 trillion riyals in late 2020, he said in statements broadcast on Saudi state television on Sunday.
“During the past few years, the PIF has achieved great economic and investment achievements,” said the Crown Prince he said, adding that he “doubled his assets”.
The Public Investment Fund is the backbone of Saudi Arabia’s economic transformation plan. It accumulated stakes in some of the world’s largest companies as markets plummeted during the pandemic’s start last year, and then sold them a few months later, when stocks soared.
– With the help of Zaid Sabah