Saudi Crown Prince Mohammed bin Salman’s ambitious plans for diversifying the kingdom’s oil-dependant economy have been dealt a blow by the coronavirus pandemic
RIYADH: Saudi Arabia’s sovereign wealth fund will invest US$40 billion annually in the domestic economy over the next five years, the crown prince said Sunday, as the kingdom battles high unemployment and a coronavirus-triggered slump.
The Public Investment Fund “will invest at least 150 billion riyals ($40 billion) annually in the domestic economy until 2025,” Prince Mohammed bin Salman said in a speech carried by state media.
The PIF, the main engine of the kingdom’s efforts to diversify its oil-dependent economy, has previously been focused on investing in major global giants — from ride-hailing app Uber to US carmaker Lucid Motors.
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