Saudi Arabia has revealed plans to more than double the size of its sovereign wealth fund by 2025, representing a significant boost for the kingdom’s transport and aerospace sectors.
Saudi’s Public Investment Fund is considered crucial to the kingdom’s coronavirus recovery and the government’s strategy to diversify Saudi’s economy away from its dependence on oil.
The transport and aerospace sectors form a key part of Saudi’s economic diversification plans with both industries becoming a focus of investment.
Some of the Gulf region’s most exciting new companies in aerospace have been supported by the PIF and Saudi has repeatedly said it plans to weave UAM solutions and networks into its future cities.
Saudi’s Prince Mohammed bin Salman said on Sunday that the state’s PIF will double its assets to 4 trillion riyals ($1.07 trillion) by 2025, which would make it one of the world’s largest sovereign wealth funds.
Yasir Al-Rumayyan, Governor of PIF, said: “Over the last four years, PIF has demonstrated its important role in contributing to the Kingdom’s economy, in line with the ambitions of Vision 2030. Up to the end of 2020, we were able to triple assets under management to nearly $400 billion, create 10 new sectors and generate 331,000 direct and indirect jobs.”
He added: “And as part of our strategy, we will continue to drive the economic transformation of Saudi Arabia and enable the private sector. We also partner with innovative, transformative and disruptive companies around the world to consistently serve as an important catalyst for the development of the industries and opportunities of the future.
“Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs.”