saudi wealth fund aims to nearly double size by 2020
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

wean itself off oil export dependence

Saudi wealth fund aims to nearly double size by 2020

Arab Today, arab today

Arab Today, arab today Saudi wealth fund aims to nearly double size by 2020

Participants watch a movie advertising a Red Sea project
Riyadh - Arab News

Saudi Arabia’s main sovereign wealth fund wants to increase its financial clout to SR 1.5 trillion ($400 billion) by 2020 as part of the Kingdom’s efforts to boost private-sector growth and wean itself off oil export dependence.
The assets-under-management goal, laid out by the Public Investment Fund (PIF) on Wednesday, came on the second day of an international conference in Riyadh. It was accompanied by publication of PIF’s first comprehensive business program, outlining targets for investments and returns for 2018-2020.
PIF, which is expected to receive proceeds from the planned sale of 5 percent of state oil company Saudi Aramco’s shares, has currently around $230 billion worth of assets under management. It plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIF’s contribution to Saudi Arabia’s gross domestic product from 4.4 percent to 6.3 percent, it said in a statement on Wednesday.
Investments will be in sectors such as real estate and infrastructure as well as in new areas of activity in the Saudi economy through the establishment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company.
One of the biggest tasks facing PIF will be the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt, announced at the start of the conference on Tuesday.
PIF also set a new target to increase total shareholder return to 4 to 5 percent between now and 2020 from 3 percent, it said on Wednesday.
“The PIF Program represents a vital milestone as we work toward realizing Vision 2030,” Crown Prince Mohammed bin Salman, the economic reform plan’s architect, said in a statement.
The 96-page program said PIF will structure its investments in six areas: Saudi equity holdings, sector development, real estate and infrastructure, mega projects, international strategic investments and a “diversified pool” across global asset classes. It said “long-term” average annual return from these areas would be between 6.5 and 9 percent.
Outside of Saudi Arabia, PIF’s investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds, the fund said.
PIF Managing Director Yasir Al-Rumayyan said the fund was open to investing in more big ticket items such as US ride services company Uber.
It also outlined its four major sources of funding to include capital injections from the government, government asset transfers, loans and debt instruments as well as retained earnings from investments.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi wealth fund aims to nearly double size by 2020 saudi wealth fund aims to nearly double size by 2020

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi wealth fund aims to nearly double size by 2020 saudi wealth fund aims to nearly double size by 2020

 



GMT 16:52 2017 Tuesday ,21 February

Iraqi troops push into Daesh-held southern

GMT 10:50 2017 Tuesday ,05 December

Technip lands Bahrain refinery mega contract

GMT 08:12 2017 Monday ,10 April

Minister receives School Mini Olympics winners

GMT 13:15 2017 Thursday ,31 August

Al-Basher Arrives in the Holy Land

GMT 18:19 2017 Tuesday ,17 October

Producers' group moves to expel Weinstein

GMT 13:00 2015 Sunday ,18 October

DEWA participates in 11th Women’s Forum in France

GMT 15:48 2017 Wednesday ,22 February

GOIC Encourages Paper Industry in GCC States

GMT 02:41 2016 Tuesday ,08 November

US, Turkey COS held talks on Syria, Iraq

GMT 23:18 2017 Wednesday ,22 November

HRH Premier lauds Bahrain's ability to host major events

GMT 06:53 2017 Friday ,03 March

Ahly's former happy for CAF honoring

GMT 05:09 2017 Saturday ,25 February

Oprah Winfrey slated to address college graduates

GMT 23:47 2017 Monday ,13 November

Mohammed bin Rashid receives Italian Prime Minister

GMT 21:43 2016 Monday ,19 September

US airstrike allegedly kills 8 afghan policemen

GMT 18:29 2017 Monday ,11 September

British MPs to vote on bill to avoid 'chaotic' Brexit

GMT 10:41 2017 Sunday ,12 February

Quebec says 'No to Islamaphobia'

GMT 23:52 2017 Saturday ,09 September

France Says 26 French Hurt in Barcelona Attack
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday