Sunday 07, October 2018 by Kudakwashe

Saudi’s PIF to surpass $600 billion target by 2020, Crown Prince

 

Saudi Arabia’s Crown Prince Mohammed bin Salman said that the Public Investment Fund (PIF) is now above $300 billion, getting close to $400 billion and its target in 2020 is around $600 billion.

Saudi Arabia’s Crown Prince Mohammed bin Salman said that PIF will surpass its target of increasing its assets to $600 billion by 2020, as part of a plan to reduce the economy’s dependence on oil, reported Reuters.

The sovereign wealth fund has more than 50 per cent of its investments located in Saudi Arabia and will be investing in more places next year.

The fund will invest another $45 billion in Softbank Vision fund, the world’s largest private equity fund, added Prince Mohammed bin Salman.

Locally, one of the biggest investments for the PIF is a planned $500 billion business and industrial zone called NEOM extending into Jordan and Egypt.

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