Mon, 01 Mar 2021

Saudi Arabia to pump 40 bln USD annually in economy

25 Jan 2021, 06:44 GMT+10

RIYADH, Jan. 24 (Xinhua) -- Saudi Arabia approved on Sunday the five-year strategy of the Public Investment Fund, including pumping 40 billion U.S. dollars annually in the local economy.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz said that the strategy would upgrade the quality of life and achieve the concept of comprehensive and sustainable development in various traditional and modern sectors, the Saudi Press Agency reported.

The fund will work in the coming years on many goals, including contributing through its subsidiaries to the non-oil GDP with 320 billion U.S. dollars cumulatively.

The fund also aims, by the end of 2025, to have the size of assets exceeding 1.06 trillion U.S. dollars, in addition to creating 1.8 million jobs directly and indirectly.

"In the Public Investment Fund, we do not only invest in businesses and sectors but rather we invest in the future of the kingdom and the world," the crown prince said.

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