Saudi Arabia's sovereign fund to improve assets under five-year strategy to $1.07tn

Saudi Arabia’s Public Expenditure Fund launched a five-12 months strategy on Sunday, with goal of doubling assets to $1.07 trillion, help create jobs and pump billions of dollars in to the kingdom's non-oil economy.

The sovereign wealth fund will invest a minimum of $40 billion a year in to the domestic economy until 2025 and help create 1.8 million jobs. It'll contribute $320bn to the kingdom's non-oil market.

The PIF created 10 new sectors, launched over 30 new companies, created 331,000 jobs in Saudi Arabia, and tripled assets under operations to practically $400 billion over past four years, Yasir Al-Rumayyan, governor of the sovereign wealth fund said.

"We will continue steadily to drive the financial transformation of Saudi Arabia and permit the individual sector," Mr Al-Rumayyan explained. "Core to your strategy is our give attention to funding new human futures by improving quality of life, driving environmental and monetary sustainability, and developing new sectors and jobs."

Despite uncertainty on the global economy the fund has pressed forwards over the past four years with the purpose of transforming and diversifying the kingdom's economy based on the Vision 2030 plan, Crown Prince Mohammed bin Salman, who chairs the PIF, said on a statement.

The fund will continue steadily to spend money on businesses and sectors that "donate to driving the continuing future of the kingdom and ... the funding of new man futures," he said.

Beneath the five-year strategy the PIF will focus on 13 sectors within its core domestic strategy.

They include healthcare, renewables, telecoms, media and technology, food and agriculture, automotive, transportation and logistics, property, aerospace and defence, construction and building elements and services. The kingdom may also continue steadily to develop entertainment, leisure and sports activities, financial offerings, metals and mining, and its own retail sector.

"Investment in domestic sectors will unlock the expansion probable of priority sectors for the kingdom and in turn create financial impact through GDP expansion, jobs creation, increased native content, and providing possibilities for the individual sector to thrive, as well as overall improving the caliber of existence of Saudis and positioning the kingdom among the leading countries in the world level," the fund said.

Mr Al-Rumayyan said the fund might continue partnering with global innovative, transformative and disruptive companies that "serve while a crucial catalyst for the expansion of the sectors and opportunities into the future."

The fund's five-year plan will build on its existing partnerships and offer investors with usage of untapped investment opportunities, while creating synergies and value.

The PIF will "continue to harness partnerships to operate a vehicle knowledge transfer and localisation - bringing direct advantages to the Saudi economy and folks."

Some of the corporations established by the fund include the futuristic city referred to as Neom, the Crimson Sea Development Organization, Qiddiya, the KAFD Production and Management firm, SAMI, the Saudi Jordanian Investment Fund, Jeddah New Downtown Provider, Saudi Entertainment Venture, Saudi Information Technology Enterprise and the National Strength Services.

In another announcement, Saudi Arabia substituted Ahmed Alkholifey as central bank governor with Fahad Al Mubarak, who headed the central bank from 2011 to 2016. Mr Alkholifey was appointed an advisor to the royal courtroom with the rank of minister.