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Public Investment Fund’s new five-year strategy is praised by Saudi Cabinet.

Saudi cabinet Public Investment Fund’s new five-year strategy
Public Investment Fund’s new five-year strategy is praised by Saudi Cabinet.

It includes an investment of at least $40bn a year in the local economy and will contribute SR1.2tn to non-oil GDP.

Saudi Arabia’s sovereign wealth fund continues to contribute to efforts to aid the development of the Kingdom, stimulate growth and diversify the nation’s economy, the cabinet stated on Tuesday. During its weekly meeting, chaired by King Salman, the Council of Ministers praised the Public Investment Fund’s strategy for the subsequent five years, which will “place it in a prominent position on the world map as a pioneering sovereign fund capable of making an investment and dealing with big capital in multiple markets.”The strategy, introduced by Crown Prince Mohammed bin Salman last week, includes funding of at least SR150 billion ($40 billion) yearly in the local economy, incrementally until 2025, and will contribute SR1.2 trillion non-oil GDP, cumulatively, through the fund’s subsidiaries. It also targets to increase its property through SR4 trillion by the end of 2025, and create 1.8 million jobs, directly and indirectly. The Saudi cabinet also accepted the issuance of residence permits for the ones having work licenses.

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The renewal of these allows may be at least every quarter (every three months), exempting domestic workers and those running in similar domains. The fees of work and residency licenses, issuance residency prices and ex-pat levy may be gathered in instalments. Majid Al-Qasabi, the acting Minister of Information, instructed the Saudi Press Agency that the cabinet was also briefed on local and global developments in the coronavirus pandemic. Ministers discussed methods to keep the Kingdom’s excessive worldwide ranking in coronavirus research. The country is ranked first in the area and 14th in the world for its university studies into the global development of COVID-19, which is an indication of the Kingdom’s “interest and care in research and innovation and the efforts made in addressing the pandemic, reflecting its ability and role in handling crises.”The cabinet also reviewed efforts by security forces to prevent the smuggling and distribution of medicine in the Kingdom, particularly an operation by the General Directorate for Narcotics Control that led to the seizure of 20 million amphetamine pills last week

Written by Jonathan Brody

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