Saudi: Crown Prince’s new 5-year strategy for Kingdom’s economy

editorial January 25, 2021

Less than a minute

Saudi’s Crown Prince Mohammed bin Salman on Sunday launched a new five-year strategy for the Kingdom’s sovereign wealth fund toward achieving its Vision 2030 goal to diversify the economy away from its dependence on oil.

The Public Investment Fund (PIF) will pump at least $40 billion a year into the local economy, double its assets, contribute $320 billion to non-oil GDP and create 1.8 million jobs by 2025, said the Crown Prince, the fund’s chairman,

The 2021-2025 strategy will focus on launching new sectors, empowering the private sector, developing the PIF’s portfolio, achieving effective long-term investments, supporting the localization of sectors and building strategic economic partnerships.