Saudi Arabia presented ambitious plans for economic and social renewal saying its main sovereign wealth fund wants to increase its financial clout to 1.5 trillion riyals ($400 billion) by 2020.
PIF published its first comprehensive business programme, outlining targets for investments and returns for 2018-2020, under reforms to boost private-sector growth and wean the largest Arab economy off oil export dependence.
Expected to receive proceeds from the planned sale of 5 percent of state oil giant Saudi Aramco's shares, PIF has around $230 billion worth of assets under management now.
The IPO is the centrepiece of Vision 2030, a reform plan to diversify the economy of the world's largest oil exporter beyond petroleum, championed by Saudi Crown Prince Mohammad bin Salman.