01 January 2022

Saudi Public Investment Fund (PIF), the kingdom sovereign wealth fund, plans to invest up to SR1 trillion ($266 billion) in new projects by 2025, reported Saudi Gazette citing its top official.

It has been instrumental in creating more than 400,000 direct and indirect job opportunities since 2017 until the end of the second quarter of 2021, stated PIF Governor Yasir Al Rumayyan, while addressing the Saudi Budget Forum in the capital Riyadh last month.

Saudi Arabia is expected to post its first budget surplus in nearly a decade this year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the coronavirus pandemic.

Al Rumayyan said PIF aims to increase the volume of assets under management from SR1.8 trillion currently to SR4 trillion. “The fund continues to achieve its goals for 2025, which are to pump SR1 trillion into new projects, and the volume of assets under management to reach SR4 trillion,” he stated.

The goals also include contributing to raise the non-oil gross domestic product (GDP) to SR1.2 trillion cumulatively, and to increase the contribution of the fund and its subsidiaries in local content to reach 60 per cent, in addition to creating direct and indirect jobs in the local market, he added.

A group of companies affiliated with PIF had signed development contracts worth more than SR13 billion, he stated, adding that this represents more than 70 per cent of the value of the contracts of the Red Sea Development Company, which were awarded to Saudi companies.  

• Masterplan unveiled for $20bn Jeddah project
• PIF to invest $266bn in new projects by 2025
• TRSDC gets ISO recognition for info security
• $1bn Qiddiya theme park project deal awarded
• SNC-Lavalin wins Riyadh consultancy deal
• Al Bawani on Top 3 list of Forbes Mena
• DGDA announces first 14 of hotels planned
• Jubail 3A desal plant set for operations in Q4
• Aramco inks $15bn deal with BlackRock
• Neom, Volocopter eye vertical mobility systems
• Riyadh Metro more than 90pc completed
• Nesma in deal for nuclear power plant
• RCU signs key projects with French groups

Tags

Bahrain Eastern Province Safety & Security Industrial Construction Just Out Focus: Automation Regional News Saudi Focus UAE Focus Events Legally Bound Architecture & Design Real Estate Contractors Interiors Tenders Manufacturers & Procurement

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.