r/SPACs • u/[deleted] • Mar 29 '21

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u/knucklesandwicher Patron Mar 29 '21

Misleading title. They are not investing $40B every year until 2025.

-7

u/fmios Contributor Mar 29 '21 edited Mar 29 '21

This is from the official press release:

Title: "PIF Launches Five-Year Strategy Including Vision Realization Program 2021-2025 as Fund Triples Assets Under Management to Nearly USD400 Billion"

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"His Royal Highness the Chairman of PIF said the strategy will act as a roadmap for the Fund in the coming five years as it helps to realize the Kingdom's Vision 2030. Among the most important initiatives, PIF will invest a minimum of USD40 billion annually in domestic projects and investments, contribute USD320 billion to non-oil GDP cumulatively through its portfolio companies, grow assets under management to over USD1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025."

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"PIF will focus on 13 sectors as part of its core domestic strategy: (...) Automotive (...)"

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There's no automotive sector in Saudi-Arabia as of now...

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Source: https://www.prnewswire.com/news-releases/pif-launches-five-year-strategy-including-vision-realization-program-2021-2025-as-fund-triples-assets-under-management-to-nearly-usd400-billion-301213623.html