Saudi crown prince Salman
LONDON/RIYADH: Saudi Arabia's Public Investment Fund 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 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.
The prince has long pushed the Public Investment Fund (PIF)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.