Saudi Arabia’s Public Investment Fund (PIF) plans to more than double its assets to SR4 trillion ($1.07 trillion) over the next five years. Crown Prince Muhammad bin Salman launched the PIFs latest five-year plan this week, and labelled it “the leading catalyst for Saudi Arabia’s economic transformation and diversification.”

PIF is central to Crown Prince Muhammad’s plans to transform the Saudi economy through his flagship Vision 2030 initiative. Essentially, PIF’s role in Vision 2030 is to invest huge sums domestically to facilitate the development of new and expanded non-oil sectors of the economy. (CONTINUED - 921 WORDS)