Saudi Arabia to get sovereign wealth fund dividend, has no tax hike plan - Finance Minister | Reuters
Saudi Arabia expects to receive up to 25 billion riyals ($6.7 billion) in dividends this year from its sovereign wealth fund, the Public Investment Fund (PIF), in a one-off measure aimed at boosting coffers battered by low oil prices.
“We called for part of the dividends, so we are possibly going to receive around 15 to 25 billion Saudi riyals in dividends from PIF,” Finance Minister Mohammed al-Jadaan told Reuters late on Tuesday, after the announcement of Saudi Arabia’s 2021 budget.
He said receiving dividends from PIF’s profits was an exceptional decision and that the government generally does not plan to call for dividends from the fund in the future.
PIF is Saudi Arabia’s Crown Prince Mohammed bin Salman’s vehicle of choice for his ambitious plan to transform the economy and wean it off oil revenues.
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