RIYADH, April 25 (Xinhua) -- Saudi Arabia announced on Thursday that the total assets managed by the Public Investment Fund (PIF) reached 2.81 trillion Saudi Riyals (about 749.2 billion U.S. dollars) in 2023, solidifying its role as a key driver of the kingdom's economic development.
According to the annual report of Saudi Vision 2030 for the year 2023, which was released on Thursday, the figure exceeded the 2023 target of 2.7 trillion Saudi Riyals. The Saudi Vision 2030 target for PIF assets is set at 10 trillion Saudi Riyals.
The report also highlighted PIF's contribution to business growth and job creation. In 2023, PIF's portfolio companies established 93 new businesses, compared to 71 in 2022. Moreover, the PIF directly and indirectly contributed to creating 644,000 jobs, up from 500,000 in 2022.
The kingdom's GDP has reached 2,959 billion Saudi Riyals, slightly below the 2023 target of 3,032 billion Saudi Riyals. However, the report emphasized that the results represent a positive step toward the ambitious Vision 2030 goal of 6,500 billion Saudi Riyals.
The non-oil GDP has reached 1,889 billion Saudi Riyals, approaching the 2023 target of 1,934 billion Saudi Riyals. The Vision 2030 target for the non-oil GDP is set at 4,970 billion Saudi Riyals.
The private sector's contribution to the GDP has reached 45 percent, meeting the 2023 target and indicating progress towards the Vision 2030 goal of 65 percent.
The report noted that the cumulative export value of oil and gas-related industries has surged to 605.43 billion Saudi Riyals, surpassing the 2023 target of 495.4 billion Saudi Riyals. ■
