JEDDAH: ARAB NEWS
Published — Sunday 30 December 2012
Last update 30 December 2012 4:13 am
Investment objectives of the government-run Public Investment Fund (PIF) will focus on three primary sectors: housing finance, renewable energy and information technology. Abdul Rahman Al Mufadhi, secretary-general of the Public Investment Fund, was quoted by Al-Eqtisadiah business daily as saying yesterday.
He said the fund is considering investing in other sectors, such as communication technologies, aerospace, energy, environment, security and advanced investments at King Abdulaziz City for Science and Technology and other universities, research centers and individual initiatives.
“Our next step will be to transfer technology to the Kingdom. We already have completed the establishment of strategic partnerships for this goal, and soon we will be implementing this program,” he added.
The Kingdom plays a vital role in the decision-making process at the World Bank. Even though Saudi Arabia is considered a developing country, it does not need to borrow money. This enabled it to occupy a distinguished position in the board.
PIF is exercising its key role in supporting productive activities in the Kingdom in accordance with the goals set by the state.
The fund’s capital increased from SR1 billion upon incorporation, to SR 150 billion by 2010. Its numerous achievements during the past 40 years included many sectors, as well as intervention mechanisms to support national economy, such as lending and participating in finance processes alongside the private sector.
Al Mufadhi explained that the fund provided loans with more than SR 160 billion for gigantic economic projects in oil, petrochemicals, transportation and many other sectors.
“Lately, the fund made moves to finance the mineral sector by acquiring shares in a number of companies working in this field, as well as providing the necessary funding for its productive projects which we hope will be a good supporter for our national economy,” he said.