Government investments constitute the wheel of a positive national economic transformation, as the government passionately seeks to develop a local economic renaissance and localize technologies and knowledge, as well as investing in global markets by forming strategic partnerships and launching a number of initiatives that contribute to achieving the goals of Vision 2030.

Public Investment Fund

The principle of “sovereign funds” owned by countries around the world came from the standpoint of protecting and ensuring the budget and the economy. This is in order to reduce extreme fluctuations in revenues and exports, achieve a greater return on cash, and help countries employ liquidity and increase the volume of savings for future generations. Sovereign funds are independent, most of their resources come from primary commodity revenues, and they seek to invest part of the financial surplus in viable investment operations.

The existence and establishment of the Public Investment Fund in the Kingdom dates back more than 50 years, as it was established in 1971 AD, and throughout those extended decades the Fund was a national economic tributary that contributed – and continues to contribute – in establishing major vital companies locally, and financing many strategic projects for the national economy. His presence enabled the Kingdom’s economy to advance at rapid pace, qualifying it to join the G20, which includes the world’s strongest economies. The Public Investment Fund seeks to work towards achieving the goals of Vision 2030. Being the main driver of the economy and investment in the Kingdom. The Fund has adopted its ambitious strategy that contributes to achieving its goals and reaching a set of unique achievements at the level of sovereign funds around the world.

 

Covid-19 crisis initiatives

The spread of the Corona virus has affected many areas of life in most countries of the world, and its impact on the economy has been very large. To reduce the resulting losses, the Kingdom was keen to fight the virus with every effort possible, and the economy and investment had a share in these efforts. The government helped the affected project owners and workers by providing financial aid amounting to 120 billion Saudi riyals to mitigate the financial and economic impact on the private sector.