RIYADH: Saudi Arabia’s sovereign wealth fund is on track to surpass its objective for the second quarter of 2022, and reach SR1.8 trillion in assets under management, the fund’s Governor Yasir Al-Rumayyan said.
The Public Investment Fund, or the PIF, is a key player in the Kingdom’s diversification strategy, particularly in achieving the Vision 2030 goals.
Al-Rumayyan said the fund established a department called national development to focus on supporting local supply chains, and increasing the role of local suppliers in the ecosystem.
The new department, he told a Saudi budget media forum in Riyadh on Monday, will assess and monitor, on a quarterly basis, the impact of projects and companies on the economy – in terms of job creation, and increasing local content.