Saudi crown prince says kingdom sovereign wealth fund will surpass USD 600 billion target by 2020
Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom's main sovereign wealth fund (PIF) will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean the economy off oil.
- Country:
- Saudi Arabia
Saudi Arabia's Crown Prince Mohammed bin Salman said the kingdom's main sovereign wealth fund (PIF) will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean the economy off oil.
"We are now above $300 billion, we're getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020," the prince said in a Bloomberg interview published on Friday.
He added that the fund, with more than 50 per cent of its investments located in Saudi Arabia will be investing in more places next year.
The young prince also said that the country's 2019 budget will exceed 1 trillion riyals ($267 billion) for the first time.
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