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Saudi PIF commits to 13 new construction sectors

Article-Saudi PIF commits to 13 new construction sectors

Saudi Arabia’s Public Investment Fund will focus on real estate and other projects as part of its five-year strategy.

As part of its five-year strategy – which is part of its Vision Realization Program (VRP) for 2021-2025 – will feature 13 new construction sectors, including real estate.

The new strategy was unveiled by HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Saudi Arabia Private Investment Fund (PIF).

The fund plans to grow its assets under management to US$1.07 trillion by the end of 2025, and add USD 320 billion to the Kingdom’s non-oil GDP.

A core part of the new strategy is to focus on funding new human features; improving quality of life, the driving environment, housing, and overall economic sustainability.

The Crown Prince said the strategy will act as a roadmap for the fund over the next coming years and help contribute to the Kingdom’s Vision 2030 strategy.

HE Yasir Al-Rumayyan, Governor of the PIF said, “Up to the end of 2020, we were able to triple assets under management to nearly $400bn, create 10 new sectors and generate 331,000 direct and indirect jobs.”

He emphasised the three main pillars of the fund, including investment in local sectors, including real estate and major development projects.

The other sectors that will see investment include healthcare, utilities and renewables, telecoms, media and technology, food and agriculture, automotive, transport and logistics, aerospace and defense, construction and building components, entertainment, leisure and sports, financial services, mining, and consumer goods and retail.

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