Saudi Arabias Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals ($400 billion) by 2020, revealed its general investment program for 2018-2020. The program falls in line with the Kingdom’s Vision 2030 that aims at boosting private-sector growth and developing non-oil industries. The countrys main sovereign wealth fund, which is expected to receive proceeds from the planned sale of 5 percent of state oil company Saudi Aramcos shares, has currently around $230 billion worth of assets under management. PIF plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIFs contribution to Saudi Arabias gross domestic product from 4.4 percent to 6.3 percent, it said in a statement on Wednesday, during a huge investment conference in Riyadh arranged by the fund. Investments will be in sectors such as real estate and infrastructure as well as in new areas of activity in the Saudi economy through the establishment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company. One of the biggest tasks under PIFs responsibility is the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt. PIF will also seek to maximize value in the funds existing assets, and has set a new target to increase total shareholder return to 4-5 percent from 3 percent, it said on Wednesday. “The PIF Program represents a vital milestone as we work towards realizing Vision 2030," Crown Prince Mohammed bin Salman, the plans architect, said in a statement. Outside of Saudi Arabia, PIFs investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds, the fund said. Over the past two years, PIF’s board, chaired by Crown Prince Mohammed, worked on implementing several projects in order to bolster the fund and its aspiration to become one of the most important and influential sovereign funds in the world, said the statement that was published by the Saudi Press Agency. PIF seeks to become an active player in global economy and it aims to build Saudi Arabia’s reputation as a preferred partner for global investment opportunities. PIF’s 2018-2020 program will be discussed at length during the Future Investment Initiative conference that Riyadh is hosting and that was launched on Monday. The conference has brought together some of the world’s most prominent investors and innovators to address challenges and new opportunities that will shape the future of investment and the world economy for decades to come.