Saudi Arabia aims to grow its wealth fund to $2 trln by 2030: PIF governor

05/03/2020 Argaam

 

Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund (PIF), said that Saudi Arabia aims to grow its wealth fund to $2 trillion by 2030, according to Bloomberg.

 

“The number is very much achievable by 2030," he stressed, noting that the fund’s performance is “extremely good”.

 

PIF governor further explained that the goal will be achieved through assets obtained from the government including companies, as PIF became a lend bank for the government, adding that cash injections and recycling of profits will also contribute to the fund’s growth.

 

He added that the fund is set to open its first office in New York and potentially London by the second half of 2020.

 

The fund also plans to expand in China, Hong Kong, or Singapore over the coming period.

 

Moreover, the current number of the PIF’s staff members stands at 700, and it is expected to reach 1,000 by the end of 2020.

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