Announcing the next phase of Vision 2030, Saudi Crown Prince Mohammed bin Salman outlined the Public Investment Fund (PIF) strategy, a roadmap to economic diversification.
According to Arab News, in his speech on Sunday, the Saudi Crown Prince, who is also the chairman of PIF, said, “Our goal is to make our country the founder of a new human civilization.”
In fact, Saudi Arabia is stepping up its vision at a time when the world is battling an epidemic and experts are uncertain about the recovery of the global economy.
In this regard, the Governor of the Public Investment Fund, Yasir Al-Ramyan, said, “The main focus of our strategy is on financing a new human future by improving living standards, running environmental and economic sustainability, and developing new sectors and jobs. ‘
Over the next five years, the Vision Realization Program will not only strengthen the Public Investment Fund’s position as an economic development agency, but also achieve its goal of becoming the world’s leading sovereign wealth fund by competing with investment companies from Asia, the United States and Europe. Will have a long way to go.
Speaking to Arab News, Nasir Sidi, an expert on regional economics, said:
“This announcement is a major boost to the country’s plans. Saudi Arabia has stepped up its Vision 2030 strategy with the announcement of the next five-year economic plan under the auspices of the PIF.
PIF has pledged سرمایہ 40 billion annually over the next five years. This is a huge amount and equals five percent of the country’s GDP.
In addition, the Public Investment Fund has promised to add 3 320 billion to non-oil-dependent GDP through the companies in which it holds shares, and to the country’s 1.8 million by the end of 2025. Will create jobs that are desperately needed.