RIYADH: Saudi Arabia’s Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals ($400 billion) by 2020 as part of the country’s Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries.
The country’s main sovereign wealth fund, which is expected to receive proceeds from the planned sale of 5 percent of state oil company Saudi Aramco’s shares, has currently around $230 billion worth of assets under management.
PIF plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIF’s contribution to Saudi Arabia’s gross domestic product from 4.4 percent to 6.3 percent, it said in a statement on Wednesday, during a huge investment conference in Riyadh arranged by the fund.
Investments will be in sectors such as real estate and infrastructure as well as in new areas of activity in the Saudi economy through the establishment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company.
One of the biggest tasks under PIF’s responsibility is the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt.
PIF will also seek to maximize value in the fund’s existing assets and has set a new target to increase total shareholder return to 4-5 percent from 3 percent, it said on Wednesday.
“The PIF Program represents a vital milestone as we work toward realizing Vision 2030,” Prince Mohammad bin Salman Al-Saud, the plan’s architect, said in a statement.
Outside of Saudi Arabia, PIF’s investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds, the fund said.
Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020
Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020
Saudi Arabia jails expat for five years for harassing a woman
RIYADH: An expatriate living in Saudi Arabia has been sentenced to five years in prison for harassing a woman.
Saudi Arabia’s Public Prosecution’s Morality wing completed its investigations into the issue, the Saudi Press Agency reported on Thursday, and after being referred to the relevant court, tried and found guilty, he was jailed and also fined SR150,000 ($39,986).
The Public Prosecution affirmed its keenness and determination to protect public morals, adding that any violation of this requires criminal accountability.
Saudi FM receives Montenegrin counterpart in Riyadh
- During the meeting, the two officials reviewed cooperation between their countries and ways to enhance and develop it in various fields
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received his Montenegrin counterpart Filip Ivanovic in Riyadh on Thursday.
During the meeting, the two officials reviewed cooperation between their countries and ways to enhance and develop it in various fields.
They also discussed regional and international developments and efforts made in this regard.
Governor of Taif meets with Saudi cultural director
- Prince Saud bin Nahar was briefed on SASCA’s strategy and initiatives aimed at fostering and empowering talent in the cultural and artistic fields
- A cooperation agreement was signed between SASCA and Taif University
RIYADH: Governor of Taif Prince Saud bin Nahar bin Saud met Princess Haifa bint Abdulmohsen, the director of development and partnerships at the Saudi Arabian Society for Culture and Arts, at the governorate’s headquarters on Thursday.
The governor was briefed on SASCA’s strategy and initiatives aimed at fostering and empowering talent in the cultural and artistic fields, in line with the objectives of the Kingdom’s Vision 2030.
The parties were also present at the signing of a cooperation agreement between SASCA in Taif and Taif University.
Saudi FM holds phone calls with Belgian, Spanish counterparts
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received a phone call from his Belgian counterpart Hadja Lahbib on Thursday.
During the phone call, the two officials discussed developments in the region, particularly developments in the Gaza Strip and efforts made in this regard.
Prince Faisal also made a phone call to Spain’s Minister of Foreign Affairs, European Union, and Cooperation Jose Manuel Albares to discuss regional issues and the conflict in Gaza, the Kingdom’s foreign ministry said.
ilmi, PNU launch museum studies program
- New micro-credential courses open to all high-school graduates, undergraduates
- Program includes Arabic, English, in-person, remote, long and short-term courses
RIYADH: A new museum studies program in Saudi Arabia has opened for registration, offering micro-credential and long-term courses.
It is the result of a partnership between ilmi, a center for science, technology, reading, engineering, arts and mathematics learning, and Princess Nourah bint Abdulrahman University.
ilmi — meaning “my knowledge” in Arabic — is a science and innovation center that aims to empower young people in Saudi Arabia.
A philanthropic NGO initiative created by Princess Sara bint Mashour bin Abdulaziz, wife of Crown Prince Mohammed bin Salman, ilmi is incubated, supported and funded by the Mohammed bin Salman Foundation, Misk, as a subsidiary, and operates in partnership with Mohammed bin Salman Nonprofit City.
The museum studies program includes micro-credential, diploma, minor and elective courses.
It is open to recent high-school graduates and university undergraduates keen to secure entry-level positions in museums, as well as professionals seeking new skill sets and career paths.
Created by ilmi and PNU experts from Saudi Arabia and around the world, the program offers a blend of online and in-person learning, alongside Arabic and English tuition options.
Micro-credential courses will blend online and in-person learning, and are available to applicants over the age of 18.
Courses include museum impact studies, museum education and awareness, an introduction to museum technologies, fundamentals of museum management and integrating digital technology.
Courses on offer for PNU students include an introduction to museums elective and specialist minors in museums and digital technology, exhibit design and content development.
A two-year diploma in museum management will also be available for both PNU students and recent high-school graduates.
Registration has opened for the first online micro-credential course starting this month: Fundamentals of museum management.
All further micro-credential courses will take place in May and June, with the diploma, minor and elective programs starting in September at the beginning of the academic year 2024/25.
Program graduates can also apply to work alongside ilmi experts as they design and launch unique, informal learning programs across the Kingdom.
For more information and registration, click here.
