PIF aims to raise assets to $1 trln by 2025-end, $3 trln by 2030: Al-Rumayyan

Yasir Al-Rumayyan, Governor of the Public Investment Fund

Saudi Arabia is well placed to deliver its Vision 2030 backed by its qualified financial and human capital resources, the state-run SPA reported, citing Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF).

The Public Investment Fund (PIF) had $159 billion assets under management (AUMs) in 2015, and nearly $650 billion AUMs currently. It aims to increase these assets to $1 trillion by the end of 2025 and to $2-3 trillion by 2030, he added at the Global PRIORITY Summit, powered by FII Institute in Miami.

The Kingdom’s sovereign wealth fund is the world’s largest investor in renewable energy and green hydrogen. It works within the national objectives and the Saudi climate action to reach net zero emissions by 2050.

The Kingdom carried out a comprehensive diagnosis and study of the Saudi economy, which included comparisons with other economies, employing in that endeavor the best expertise and performance indicators to achieve the targeted objectives, Al-Rumayyan elaborated.

He added that the International Monetary Fund’s (IMF) forecast the Saudi economy to grow by 7.5%, the highest growth among developing countries. Saudi Arabian beat forecasts, reducing unemployment rates from 13% to 9%. Further, the PIF created 500,000 direct and indirect jobs, and eyes to double the number to 1.5 million by 2025.