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Saudi public investment fund aims to manage $2trn assets by 2030

Saudi Public Investment Fund CEO Yasir Al-Rumayyan says he will grow assets under management to more than $2 trillion by 2025.

Speaking exclusively to Bloomberg TV at the Future Investment Initiative in Riyadh, he added that the sovereign wealth fund is targeting investment returns of 8 to 9 per cent.

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He also said that the fund is constantly looking for new partners.

The PIF is central to the government’s effort to diversify its economy away from oil.

Read: Bloomberg: Saudi Aramco needs $60-$70 oil for IPO

The kingdom plans to transfer ownership of state-owned oil company Saudi Aramco, to the fund, which could eventually control more than $2 trillion worth of assets for investments in projects geared to fulfill the aims of Vision 2030.