Saudi Crown Prince says PIF invests over SAR 84 bln locally in 2021

Crown Prince Mohammed bin Salman

Saudi Crown Prince Mohammed bin Salman said the Public Investment Fund (PIF) invested more than SAR 84 billion in the Kingdom in 2021.

He added that the fund plans to undertake additional local investments worth more than SAR 150 billion in 2022.

On the occasion of disclosing 2022 budget, the Crown Prince said the PIF's total investments in the Kingdom will reach SAR 3 trillion by 2030, compared with SAR 11.2 billion in 2016.

The Crown Prince praised the objectives of the PIF program in achieving the goals of Vision 2030, given that it is the local and external investment arm that contributes to diversifying the economy and sources of income. In addition, the fund supports and complements the efforts undertaken by the government to diversify the economy.

The PIF also contributed to making clear achievements locally and globally, as part of its medium-term plans, including the contribution of the fund and its subsidiaries to the non-oil gross domestic product (GDP), as well as raising the proportion of local content in its investments and subsidiaries by up to 60%, the Crown Prince said.