The 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 more than double to more than 4 trillion riyals ($ 1.1 trillion) in assets under management by 2025, Crown Prince Mohammed bin Salman said.
The fund’s assets reached 1.5 trillion riyals by the end of 2020, he said in comments aired on Saudi state TV on Sunday.
“In recent years, the PIF has achieved tremendous economic and investment results,” said the Crown Prince said, adding that “it has doubled its assets.”
The government investment fund is the backbone of Saudi Arabia’s economic transformation plan. It built stakes in some of the world’s largest companies when markets took a nosedive last year during the onset of the pandemic, and sold them a few months later when shares soared.
– With the help of Zaid Sabah