Saudi Arabia’s Public Investment Fund aims to create 1.8 million jobs and boost the size of its assets to 4 trillion Saudi riyals ($1 trillion) as the kingdom's sovereign wealth fund continues to increase investments to support the growth of the Arab world's largest economy.
The PIF has been instrumental in creating more than 500,000 direct and indirect jobs and “intends to create 1.8 million direct and indirect jobs”, Yasir Al Rumayyan, governor of the PIF, said on the seventh anniversary of the launch of Saudi Vision 2030.
Mr Al Rumayyan said the total volume of the PIF’s assets under management amounted to more than 2 trillion riyals and it aims to double that by 2025.
“Today we are beginning a new phase of achievements in which the fund confirms its commitment and continuity in achieving its goals by the end of 2025, including contributing to the non-oil gross domestic product by about 1.2 trillion riyals and that the size of its assets exceed 4 trillion riyals,” Saudi Gazette quoted Mr Al Rumayyan as saying.
The PIF also intends to inject up to 1 trillion riyals into new projects in Saudi Arabia and “will continue its efforts to diversify the economy, support local content, develop innovative opportunities for the future, and contribute to creating an attractive environment for investments”, he added.
The fund is investing heavily to build new projects in the kingdom. It is mandated to pump $40 billion to $50 billion into the local economy to generate jobs and boost the non-oil economic base of the country.
It has set up 71 companies since 2019 in a number of strategic sectors, said Mr Al Rumayyan.
Companies established by the fund include the futuristic city of Neom, the Red Sea Development Company, Qiddiya, the KAFD Development and Management Company, SAMI, the Saudi Jordanian Investment Fund, Jeddah New Downtown Company, Saudi Entertainment Venture, Saudi Information Technology Company and National Energy Services.
The PIF also has investments in companies around the world including Lucid Motors, India’s Jio platforms, SoftBank group, Uber technologies and Blackstone.
Earlier this year, it became Nintendo's biggest foreign shareholder, boosting its stake in the Japanese gaming company to 8.26 per cent, from 7.08 per cent.
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
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Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
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Killing of Qassem Suleimani
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
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Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
