Saudi Arabia’s PIF to have 4 trillion riyals of assets by 2025: Crown Prince

Saudi Arabia’s Crown Prince Mohammed bin Salman is pictured via screen as he talks during the Gulf Cooperation Council’s (GCC) 41st Summit, at the media centre in Al-Ula

RIYADH (Reuters) – Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Crown Prince Mohammed bin Salman said on Sunday.

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PIF will invest 3 trillion riyals over the next 10 years, Prince Mohammed said in a speech aired on state TV.

PIF, which is the main financial vehicle for Prince Mohammed’s plan to diversify the economy from its reliance on oil, has said before it expects to have $2 trillion worth of assets by 2030. ($1 = 3.7511 riyals)