Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is reportedly planning to sell part of its stake in Saudi Telecom Company (stc) in a bid to monetise some of its assets.
PIF has hired Goldman Sachs and the investment banking arm of the Tadawul-listed Saudi National Bank (SNB) to arrange a transaction, according to Reuters.
The fund intends to double its assets to SAR 4 trillion and create 1.8 million direct and indirect jobs by 2025.
Crown Prince Mohammed bin Salman revealed last April that the size of the state-owned fund is expected to expand to SAR 10 trillion by 2030, stressing that PIF motivates the Saudi economy more than the budget.
Bin Salman said the Kingdom’s sovereign wealth fund would pump SAR 150 billion every year into the local economy until 2025. In addition, PIF will contribute SAR 1.2 trillion to the non-oil gross domestic product (GDP) through its subsidiaries.
