MBS: Saudi sovereign fund doubling assets in five years to $1.07T

The five-year plan would see the fund creating 1.8 million direct and indirect jobs, said Prince Mohammed bin Salman.

Saudi Arabia’s Public Investment Fund (PIF) plans to double its assets to 4 trillion riyals ($1.07 trillion) 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 fund would invest 3 trillion riyals ($800bn) in new sectors over the next 10 years, said the prince, who is Saudi Arabia’s de facto ruler and chairs the fund’s board. 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.