Saudi Arabia’s Public Investment Fund (PIF) has been instrumental in creating over 730,000 jobs, a significant achievement in line with the ambitious Vision 2030. This economic diversification plan aims to reduce the country’s reliance on oil and modernize its economy.
The Public Investment Fund is Saudi Arabia’s sovereign wealth fund, which manages the country’s financial assets. PIF-backed projects, like Riyadh Air and Qiddiya City, are driving this transformation. Riyadh Air is estimated to contribute $20 billion to non-oil GDP growth and create over 200,000 jobs. Qiddiya City, a cultural and entertainment destination, is projected to generate more than 325,000 permanent jobs.
These initiatives are aligned to Saudi Arabia’s Vision 2030. Vision 2030 is a comprehensive economic and social reform plan launched by Saudi Arabia in 2016. It aims to transform the Kingdom into a more diversified and vibrant economy, with less dependence on oil exports.
Aligned with the country’s economic transformation goals outlined in Vision 2030, these initiatives demonstrate Saudi Arabia’s commitment to becoming a global investment leader. They showcase the government’s dedication to fostering innovation and creating a thriving economy.
