Saudi Arabia’s sovereign wealth fund will more than double in size to exceed 4 trillion riyals ($1.1 trillion) in assets under management by 2025, Crown Prince Mohammed bin Salman said.
The fund’s assets reached 1.5 trillion riyals by the end of 2020, he said in remarks broadcast on Saudi state television on Sunday.
“During the past few years, the PIF has reached huge economic and investments achievements,” the crown prince said, adding that “it has doubled its assets.”
The Public Investment Fund is the backbone of Saudi Arabia’s economic transformation plan. It built stakes in some of the world’s largest companies as markets nosedived during the onset of the pandemic last year, and then sold them a few months later as stocks soared.