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Abu Dhabi, UAESaturday 23 June 2018

Saudi sovereign fund to create more than 20,000 jobs in two years

Public Investment Fund managing director sees viable target and Aramco IPO venues overseas being considered

Yasir Al Rumayyan, the managing director of Saudi Arabia’s Public Investment Fund, Christine Lagarde, the IMF managing sirector, and Amin Nasser, the chief executive Office of Aramco, attend the Future Investment Initiative conference in Riyadh. Hamad I Mohammed/Reuters
Yasir Al Rumayyan, the managing director of Saudi Arabia’s Public Investment Fund, Christine Lagarde, the IMF managing sirector, and Amin Nasser, the chief executive Office of Aramco, attend the Future Investment Initiative conference in Riyadh. Hamad I Mohammed/Reuters

Saudi Arabia' Public Investment Fund (PIF), the country's main sovereign wealth fund, expects to create over 20,000 jobs by 2020 through its projects, the fund's managing director said on Tuesday.

Yasir Al Rumayyan was speaking at a major investment conference titled Future Investment Initiative in the capital Riyadh.

As part of Saudi Arabia's economic reforms announced last year, the Saudi government plans to expand the PIF, founded in 1971, to finance development projects in the country.

Part of the plans also involves the sale of a stake in Aramco, the state oil juggernaut.

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Its chief executive said on Tuesday that domestic and international exchanges such as New York, London, Tokyo and Hong Kong have been looked at for a partial listing of the state oil giant.

"All detailed information is currently being reviewed by our shareholder and in due course a decision will be made about the listing venue," Amin Nasser said at an investment conference in Riyadh.

Aramco's IPO is on track to take place next year, Mr Al Rumayyan said on Tuesday.

"Everything is on track. 2018 is our target. There is nothing that I know about that can take us off track."

Asked if the possible involvement of investors such as the Chinese would delay the IPO, Mr Rumayyan, who sits on the board of Aramco, said it would not.