Saudi Public Investment Fund is making its way, with sure and steadfast strides, towards achieving Saudi Arabia’s 2030 vision. The fund took major leaps to become the fifth largest sovereign fund in the world.
While the fund was established back in 1971, the year 2015 marked turning point as its assets skyrocketed from USD 152 billion to USD 940 billion by the end of the year.
Economic analyst Dr. Fahad bin Jumaa told KUNA that the fund accomplished considerable feats with 28 percent increase in assets by end of 2023 compared to the year before.
This is a testament to fund achieving objectives of diversifying Saudi economy, he stated as it is investing in a variety of sectors including tourism, entertainment, sports, and renewable energy.
He further explained that 80 percent of its investments are based locally, adding that this reflect positively on the country’s GDP as it is expected to contribute SAR 1.2 billion by 2030.
Its foreign investments include Arab Bank Switzerland, Brazilian investment plan
, Acura Invest, Russian investment fund, Blackstone, Magic leap, Lucid, Uber, Reliance, Soft pink, and others.
Saudi Media person Hani Al-Besher told KUNA that the fund is a focal point in achieving Saudi vision 2030 as it is providing many opportunities and pursuing economic sustainability.
Al-Besher spoke of the fund’s investments in sports saying that the Saudi league is witnessing great improvements and reaping many benefits, with the fund owning four of the major teams Al-Hilal, Al-Nasser, Al-Etihad and Al-Ahli.
Expectations indicate that total Saudi revenues for this year would surpass SAR 1,000 billion compared to SAR 1,200 billion in spending.
The Saudi economy remains sturdy with the fund’s plans and reserves that could contain possible crises.
Source: Kuwait News Agency