#Saudi crown prince says PIF to inject $40 bln annually in economy in 2021, 2022 | Reuters

Saudi crown prince says PIF to inject $40 bln annually in economy in 2021, 2022 | Reuters

Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s sovereign wealth fund, the Public Investment Fund, (PIF) will inject 150 billion riyals annually ($40 billion) into the economy in 2021 and 2022, and has become a key growth driver.

The fund is the main vehicle for boosting Saudi Arabian investments at home and abroad as the young prince, known in the West as MbS, seeks to diversify the kingdom’s oil-heavy economy through his Vision 2030 strategy.

“Economic diversification is key to the kingdom’s sustainability, and we are working hard to achieve this through PIF investments in tourism, sports, industry, agriculture, transportation, mining, space and other sectors,” he said in a statement published by the Saudi Press Agency (SPA).

The 34-year-old prince said that PIF managed to double its assets to over 1.3 trillion riyals ($347 billion) and is on track to achieve a target of 7 trillion riyal worth of assets by 2030.