RIYADH: Saudi Arabia’s employment figures have received a boost with its sovereign fund setting up 25 companies and creating 1,81,000 jobs in 2022, official data showed. According to its 2022 annual report released on Sunday, the Public Investment Fund launched a diverse mix of companies last year, such as Saudi Coffee Co. and Halal Products Development Co. The fund’s assets under management increased 12.8 percent to SR2.23 trillion ($595 billion) in 2022 from the SR1.98 trillion recorded in 2021. “2022 was a year when the robust financial foundations established by PIF enabled tangible and rapid progress. As the economy continued to recover from the disruptions of recent years, PIF has been proactive in driving transformational change throughout the Kingdom,” said PIF Gov. Yasir Al-Rumayyan. He added: “Our enduring financial strength has enabled us to identify and take advantage of key investment opportunities in a way that delivers sustainable growth for Saudi Arabia.” The sovereign fund aims to increase its assets under management to SR4 trillion by 2025. According to the report, Saudi Equity Holdings represented 32 percent of the fund’s total assets under management by the end of 2022. The report noted that the fund made international investments worth SR512 billion by the end of 2022, while its local assets stood at SR1.71 trillion. “The fund effectively connects Saudi companies from a range of key sectors with the strategic priorities of the Kingdom, making PIF a catalyst for positive change and a key driver for the realization of Vision 2030,” said the annual report. The report revealed that until 2022 the fund injected SR25.5 billion into NEOM, the future megacity currently under development in Saudi Arabia’s northwestern Tabuk province. In March, speaking at the Private Sector Forum in Riyadh, Al-Rumayyan said that the fund is keen to work with the private sector in the Kingdom as an investor and partner. “The PIF always seeks to enhance the role of the private sector and considers it a strategic and important partner to enhance the thriving economy of Saudi Arabia,” said Al-Rumayyan. In November 2022, Rumayyan noted that the fund is planning to create as many as 1.8 million job opportunities in the coming years. “We want to create 1.8 million jobs, which are quality jobs. It is not only the figures we are looking at, but the quality of these figures, the quality of these jobs,” said Al-Rumayyan.