London – At Davos, which concluded around ten days ago, the future of Saudi investment represented a point of interest among the attendees at a time when many economists around the world expected the Public Investment Fund of Saudi Arabia to become the greatest as to value and power.
Several investment funds showed interest in pumping capitals for investment in Saudi Arabia, after the Saudi Vision 2030 and other economic plans were presented infront of Davos participants.
Amidst this international interest, Financial Times expected on Sunday that the Public Investment Fund of Saudi Arabia will become one of the greatest and most active sovereign funds worldwide during the upcoming years.
This transformation is basically thanks to the Deputy Crown Prince Mohammed bin Salman who leads efforts to diversify the kingdom’s economy away from sole dependency on oil. He seeks to transform the Public Investment Fund of Saudi, established in 1971, to be a decisive mechanism in the national transformation plan.
“The Saudi strategy is in pursuit of providing wealth for future generations and moving from an economy that depends on oil revenues to an economy that is more capable of developing,” said a banking source to Financial Times.
During the session, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said that the Saudi Vision 2030 launches from a strong foundation since the Saudi economy is the strongest in the Middle East with a GDP equal to SAR1.6 trillion – the kingdom also enjoys a stable currency and a strong infrastructure despite some gaps.
“Investment and reforms will be among top priorities to achieve the targets of Saudi Vision 2030. Investment will be a key mechanism — the Public Investment Fund of Saudi Arabia has been established for this purpose,” added Falih.