Crown Prince Mohammed bin Salman, of Saudi Arabia
Photographer: Mandel Ngan / AFP / Getty Images
Photographer: Mandel Ngan / AFP / Getty Images
Saudi Arabia’s sovereign wealth fund will double in size to exceed 4 trillion reals ($ 1.1 trillion) in assets managed in 2025, Crown Prince Mohammed bin Salman said.
The fund’s assets reached 1.5 trillion rials by the end of 2020, it said in statements broadcast Sunday on Saudi state television.
“In recent years, the PIF has achieved great economic and investment success,” said the Crown Prince. he said, adding that “it has doubled its assets.”
The Public Investment Fund is the backbone of Saudi Arabia’s economic transformation plan. It built stakes in some of the largest companies in the world when markets arose during the start of the pandemic last year, and then sold them a few months later as stocks rose.
– With the assistance of Zaid Sabah