Saudi sovereign wealth fund plans to inject 40 billion US dollars into its economy every year

Riyadh, January 24 (Xinhua) Saudi Crown Prince Muhammad bin Salman said on the 24th that in the next five years, Saudi sovereign wealth funds and public investment funds will intensify efforts to boost Saudi economy. Muhammad said in a televised speech on the same day that Saudi Arabia’s public investment fund will invest at least US $40 billion annually in the country from 2021 to 2025, and realize more than US $1.07 trillion of fund assets in 2025, contributing US $320 billion to Saudi Arabia’s non oil economic growth and creating 1.8 million jobs at the same time. Muhammad said that the strategy of Saudi public investment fund in the next five years is crucial for Saudi Arabia to realize its “vision 2030”. The fund will strongly support Saudi Arabia’s economic diversification and consolidate Saudi Arabia’s important position in the field of global investment. In order to get rid of the dependence of economy on oil, Saudi Arabia issued “vision 2030” and “national transformation plan” in 2016, hoping to gradually realize the diversification of economic structure through “two wheel drive” of economic and social reform.

(editor in charge: Miao Su)

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