Crown Prince of Saudi Arabia Mohammed bin Salman
Photographer: Mandel Ngan / AFP / Getty Images
Photographer: Mandel Ngan / AFP / Getty Images
Saudi Arabia’s sovereign wealth fund will be more than twice the size of more than 4 trillion rials ($ 1.1 trillion) in assets under management by 2025, Crown Prince Mohammed bin Salman said.
The fund’s assets reached 1.5 trillion rials by the end of 2020, he said in remarks broadcast on Saudi state television on Sunday.
“In recent years, PIF has achieved huge economic and investment achievements,” said the Crown Prince. he said, adding that he “doubled his assets”.
The public investment fund is the backbone of Saudi Arabia’s economic transformation plan. It built stakes in some of the world’s largest companies as markets emerged at the start of last year’s pandemic, then sold them a few months later as stocks rose.
“With the assistance of Zaid Sabah.”