The News
Saudi Arabia expects its sovereign wealth fund to reach $2.67 trillion in assets by 2030, up $800 billion from its previous forecast, which the kingdom attributes to the fund’s “growing strategic importance and financial strength.”
The Public Investment Fund, which has 40% of its portfolio invested in Saudi companies including giga-projects like NEOM and Diriyah, helped create 1.1 million jobs so far — up from just 77,700 in 2021, according to the Saudi Arabia Vision 2030’s annual report.
The Vision 2030 program was introduced in 2016 to diversify the economy. In its own assessment, Saudi has already exceeded targets on female workforce participation, unemployment, and home ownership. Of its 1,502 total initiatives, 674 are completed and 596 are progressing as scheduled. On the crucial issue of growth in non-oil sectors, they contributed 51% of the kingdom’s GDP in 2024, a key milestone.
One challenge that remains an area of underperformance is attracting foreign direct investment. FDI fell 19% to $20.7 billion in 2024, marking its third consecutive annual decline. The kingdom aims to attract $100 billion a year in FDI by 2030.
