Saudi's Sovereign Wealth Fund Aims for Trillion-Dollar Asset Boost

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, plans to increase its assets to over 4 trillion riyals by 2025. Currently valued at 3.47 trillion riyals, the fund will also invest one trillion riyals in domestic projects. These efforts align with Saudi's economic expansion goals.

The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has announced ambitious plans to substantially increase its assets under management to over 4 trillion Saudi riyals ($1.06 trillion) by the end of 2025. This goal was disclosed in a budget statement released by the kingdom on Tuesday.

Currently, as of October, the fund's assets stand at a significant 3.47 trillion Saudi riyals. This positions PIF as a major player on the global economic stage, showcasing the kingdom's efforts to diversify its economy beyond oil dependency.

In addition to boosting its asset portfolio, PIF aims to invest one trillion Saudi riyals in domestic projects. This move reflects Saudi Arabia's broader strategy to spur economic growth and development within the kingdom. These investments are expected to fuel local industries and create new opportunities within the region.

(With inputs from agencies.)