The Chairman of the Asharqia Chamber
The Crown Prince's adoption of the new strategy of the Public Investment Fund to enhance the position of the Saudi economy globally
The Chairman of the Board of Directors of the Asharqia Chamber, Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, praised the approval of His Royal Highness the Crown Prince, His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, the new strategy of the Public Investment Fund for the next five years, saying: The adopted strategy will have a direct positive impact on The various sectors of the local economy, which constitute 80% of the Fund's future investment targets.
Al-Khalidi emphasized that the strategy's focus on many vital sectors locally, and pumping at least 150 billion annually into the local economy until 2025, rather pushes to raise the percentage of local content, supports the goals of diversifying national income revenues, and enables the private sector and enhances its opportunities and role in the growth process And development, pointing out that the fund, since it was chaired by His Highness the Crown Prince, has been making qualitative steps towards developing its strategic investment capabilities, until it has managed an investment portfolio that can be described as high-level investments that place the fund in the focus of global attention and consolidate its global economic position.
Al-Khalidi pointed to the positive development achieved by the fund during the past years, by maximizing the value of its assets, which reached about 1.5 trillion riyals at the end of last year, compared to 570 billion riyals in 2015, and its contribution to launching and activating many new sectors, building partnerships, localizing advanced technologies and knowledge, and raising it to the rate of The return to shareholders reached 8%, compared to 3% in 2015.
Al-Khalidi said that the approved strategy came to confirm the promising prospects of the Saudi economy and what awaits it during the next five years, and its ability to face challenges and fluctuations and overcome them, as well as the importance that the wise leadership attaches - may God protect it - to improving the quality of life for the citizen, which is the capital of development. He pointed out that the Kingdom is taking serious steps within the paths charted by the 2030 vision of the future; it aims to reformulate the national economy according to the options for diversification, sustainability, and optimal exploitation of the natural and human resources that the Kingdom possesses.
