Assets of Saudi Arabia’s Public Investment Fund (PIF) have doubled to about SAR 1 trillion from SAR 500 billion in two years, the kingdom’s crown prince, Mohammed bin Salman, told Asharq Al-Awsat newspaper on Sunday.
During the period from 2016 to 2018, the number of employees at the GCC nation’s sovereign wealth fund grew to about 500 from 40, Mohammed bin Salman added.
The PIF aims to finance major projects that the private sector cannot finance alone, such as NEOM, the Red Sea project, and Qiddiya, which will provide many investment opportunities for the private sector, he pointed out.
As for foreign investments, the kingdom’s sovereign investor plans to achieve high returns on its assets and create economic partnerships that will help in improving local content.
The PIF also aims to invest in new strategic sectors including tourism and entertainment.