SWF Outlook: Saudi Arabia’s Vision 2030 and the Public Investment Fund

June 15, 2016 by Sven Behrendt

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In late April, the government of Saudi Arabia announced its economic reform program, called "Vision 2030," to improve Saudi Arabia’s competitiveness and lessen its dependence on oil. A centerpiece of the "Vision" is the creation of a Saudi sovereign wealth fund, a role that will be assumed by the existing Public Investment Fund (PIF). The program declares, "We will increase the efficiency of the fund’s management and improve its return on investment, with the aim of diversifying our government resources and our economy." Deputy Crown Prince Mohammed bin Salman provided additional context in an interview given to television channel al-Arabiya, suggesting that "We will develop further the sophistication of our investment vehicles, particularly after transferring the ownership of [state-owned oil company] Aramco to the Public Investment Fund, which will become the largest sovereign wealth fund in the world. […] That will be the main engine for the whole…

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