Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020

Saudi Arabia's PIF aims to manage over $400 bln in assets by 2020." (SPA)
Updated 26 October 2017

Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020

RIYADH: Saudi Arabia’s Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals ($400 billion) by 2020 as part of the country’s Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries.
The country’s main sovereign wealth fund, 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.
PIF 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, during a huge investment conference in Riyadh arranged by the fund.
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 under PIF’s responsibility is the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt.
PIF will also seek to maximize value in the fund’s existing assets and has set a new target to increase total shareholder return to 4-5 percent from 3 percent, it said on Wednesday.
“The PIF Program represents a vital milestone as we work toward realizing Vision 2030,” Prince Mohammad bin Salman Al-Saud, the plan’s architect, said in a statement.
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.


350,000 books to feature at Jeddah fair

Updated 14 November 2019

350,000 books to feature at Jeddah fair

JEDDAH: Hundreds of authors from around the world are preparing to take part in a prestigious Saudi book festival.

The Jeddah International Book Fair, to be staged in South Obhur from Dec. 11 to 21, will feature more than 350,000 volumes to cater to all reading tastes.

Now in its fifth edition, the cultural event, run under the patronage of Makkah Gov. Prince Khaled Al-Faisal, will see the participation of 400 Saudi, Arab and international publishing houses from 40 different countries.

Jeddah Gov. Prince Mishaal bin Majed, who is head of the fair’s supreme committee, has been coordinating the organization of the event which will include book-signing sessions by 200 authors.

The exhibition, occupying 30,000 square meters, is one of the biggest specialized expos in the Kingdom, and aims to promote reading and the cultural environment.

The fair will also include a program of seminars, lectures and indoor and outdoor theater productions, along with documentary films for families and children, and workshops in visual arts, photography and Arabic calligraphy.

The Jeddah fair is supported by Minister of Culture Prince Badr bin Abdullah bin Farhan Al-Saud, who believes it reflects the city’s culture and traditions, along with backing from Minister of Media Turki Al-Shabanah. SPA Jeddah