Saudi wealth fund PIF expects to create over 20,000 jobs by 2020

Saudi Arabia’s Public Investment Fund (PIF), the country’s main sovereign wealth fund, expects to create over 20,000 jobs by 2020 through its projects, its managing director said on Tuesday.

“With our short term plans, we will have more than 20,000 jobs in 2020 and beyond it’s going to be a lot more,” Yasir Al Rumayyan said at a major investment conference in the capital Riyadh.

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PIF will also contribute $20bn to a $40bn fund with US private equity firm Blackstone, Al Rumayyan said.

The fund will invest in “conventional economy” including sectors such as medical care and education.

PIF and U.S. private equity firm Blackstone announced the fund in May with the execution of a memorandum of understanding for the launch of an infrastructure investment vehicle with an anchor $20bn contribution by PIF.

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The Public Investment Fund has a portfolio made up of listed holdings, but also unlisted equity investments, international investments, real estate, loans, bonds and sukuk.