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MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets
The crown prince’s ambitious plan for the Public Investment Fund would change the kingdom’s dependence on oil while creating the world’s largest pool of institutional money, but questions remain.
Saudi Arabia Crown Prince Mohammed bin Salman has unveiled an ambitious plan that would make the Public Investment Fund (PIF) the largest sovereign wealth fund in the world, increasing its roughly $400 billion in assets to $1.1 trillion by 2025 and $2 trillion by 2030.
Analysts question whether the plan is feasible, but one thing is certain: The 35-year-old de facto ruler of Saudi Arabia doesn’t think small.
The many Saudi initiatives paving the road to the future
Hassan Almustafa
April 08, 2021 23:02
An illustration of NEOM, which will be built in Saudi Arabia’s northwestern province of Tabuk province. (Files)
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As chairman of NEOM’s board of directors, Saudi Crown Prince Mohammed bin Salman announced the launch of The Line city project last January The ambitious and unique project seeks to “achieve the goals of the Kingdom’s Vision 2030 in terms of economic diversification by providing 380,000 job opportunities and contributing $48 billion to the GDP by 2030,” according to the Saudi Press Agency (SPA).
On the 24th of the same month, the crown prince appeared again, this time in his capacity as chairman of the board of directors of the Public Investment Fund (PIF), to announce the adoption of the PIF’s strategy for the next five years, indicating that it aims to “grow assets to more than SR4 trillion ($1.07 trillion) and create 1.8 mi
Jordan: Saudi minister flies to Amman with message of support after crackdown
Reports have claimed that Riyadh has tried to obtain the release of Saudi-Jordanian citizen Bassem Awadallah, accused of undermining the security of Amman
Jordan s Foreign Minister Ayman Safadi, right, meets with his Saudi counterpart Faisal bin Farhan Al-Saud, centre, in the capital Amman on 6 April 2021 (AFP) By Published date: 6 April 2021 12:46 UTC | Last update: 2 hours 23 min ago
Saudi Minister of Foreign Affairs Faisal bin Farhan met on Tuesday with his Jordanian counterpart, Ayman al-Safadi, in Amman, in the wake of a series of arrests in the Hashemite kingdom over suspicions of an alleged coup plot.