Saudi Arabia's Public Investment Fund, PIF, Programme for 2018-2020 launched today as part of the Kingdom’s Vision 2030 Realisation Programmes, the Saudi Press Agency, SPA, has reported.

"The PIF programme, which is underpinned by 30 separate initiatives, will see the fund’s assets under management, AUM, increase to over US$400 billion by 2020, creating 20,000 direct domestic jobs, more than half of which are high-skilled roles, and 256,000 construction jobs, which will increase PIF’s contribution to real gross domestic product, GDP, from 4.4 percent to 6.3 percent, and increase the share of local content to over $13 billion.

"It also encompasses efforts to maximise value in PIF’s existing assets, which make up the majority of the fund’s holdings, and a new target to increase PIF’s total shareholder returns, TSR, up from 3 percent to between 4 to 5 percent," the SPA continued.

The programme is one of twelve Vision Realisation Programmes, VRP, and acts as a roadmap for the next three years to strengthen PIF’s position as the engine behind economic diversification in the Kingdom, and underpins PIF’s role in supporting a crucial component of the Vision 2030 agenda to transform Saudi Arabia into a global investment powerhouse.

The Saudi news agency report went on to say that the four key objectives underpinning the programme include growing and maximising PIF assets, launching new sectors, localising advanced technologies and knowledge, and building strategic economic partnerships.