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.
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