The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has made significant strides in job creation, generating over 730,000 new employment opportunities as part of its efforts to support the Kingdom’s economic transformation.
This achievement aligns closely with the objectives of Saudi Vision 2030, the country’s ambitious plan for economic diversification and reduced dependence on oil.
“During a year of progress and widespread achievement, PIF has continued to deliver on its mandate as the driving force of Saudi Arabia’s sustainable economic transformation and diversification,” said Governor Yasir Al-Rumayyan, in a statement from the sovereign wealth fund’s annual report for 2023.
“With a bold vision and increasing global reach, PIF unveiled new giga-projects, launched new portfolio companies across strategic sectors, forged landmark strategic partnerships and accelerated ahead of financial return targets – in line with the goals of its Vision Realisation Programme (VRP) 2021-2025.”
According to the report, PIF has been instrumental in driving economic growth and job creation through its various initiatives and investments. As the sixth-largest sovereign wealth fund globally, with SAR2.87 trillion (approximately $765 billion) in assets under management, the fund has been actively investing in high-impact projects and companies that are reshaping Saudi Arabia’s economic landscape.
Al-Rumayyan further highlighted the fund’s approach. “As a long-term investor and catalyst of change, PIF continues to invest in high-impact projects, companies and partners that are diversifying the Saudi economy, creating new opportunities for investment and shaping the global industries of the future,” he added.
Several PIF-backed projects are expected to contribute significantly to job creation and economic growth. Riyadh Air is poised to contribute $20 billion to non-oil GDP growth and create over 200,000 direct and indirect jobs while Qiddiya City is projected to generate more than 325,000 permanent jobs, the report revealed.
Other notable PIF-backed initiatives that are expected to drive job creation include The Saudi Company for Artificial Intelligence, Ardara, and The National Unified Procurement Company (NUPCO).
The report underscores the importance of Vision 2030 in guiding PIF’s efforts.
“Vision 2030 remained a guiding force in Saudi Arabia’s economic diversification, aiming to modernise the economy, stimulate innovation and establish Saudi Arabia as a leading global investment destination,” the Governor said.
The state fund’s strategy extends beyond job creation. The fund aims to increase its total assets under management to approximately SAR4 trillion and drive PIF and its subsidiaries’ contribution to non-oil GDP to a cumulative SAR1.2 trillion. Additionally, it seeks to contribute to 60 percent of local content and increase cumulative non-governmental investment to SAR1.2 trillion, encompassing both local and foreign direct investments.
Follow us on
