RIYADH: Saudi Arabia’s sovereign wealth fund is on track to surpass its objective for the second quarter of 2022, and reach SR1.8 trillion in assets under management, the fund’s Governor Yasir Al-Rumayyan said. The Public Investment Fund, or the PIF, is a key player in the Kingdom’s diversification strategy, particularly in achieving the Vision 2030 goals. Al-Rumayyan said the fund established a department called national development to focus on supporting local supply chains, and increasing the role of local suppliers in the ecosystem. The new department, he told a Saudi budget media forum in Riyadh on Monday, will assess and monitor, on a quarterly basis, the impact of projects and companies on the economy — in terms of job creation, and increasing local content. He said the Kingdom’s Shareek program aims to strengthen cooperation between the public and private sectors and increase local investments to reach SR5 trillion by 2030. Al-Rumayyan said the fund has offered stakes in several companies for initial public offering in the Saudi stock exchange. Very recently, it offered part of the fund’s shares in stc, in the first-ever secondary public offering. The PIF chief said efforts are also underway to boost the fund’s contributions to the green energy sector in line with the Saudi Green Initiative. He cited Al-Sudair Solar Power Plant as an example. The project will be developed by ACWA Power to meet the power needs of 185,500 housing units. He said despite all the challenges posed by the coronavirus disease pandemic, the fund was able to maintain its performance and to take advantage of many investment opportunities. Al-Rumayyan said the fund seeks to develop many other sectors, as the capital of the fund will help ensure long-term investment. He also highlighted PIF’s international ventures such as the fund’s $2.8 billion investments in India. Al-Rumayyan said the PIF is also working on launching a platform for trading carbon in the Middle East. Since its establishment in 2016, PIF has created 47companies and generated more than 400,000 jobs directly and indirectly through their projects and ventures, Al-Rumayyan added.