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.
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.
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.