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Oil report

Saudi Crown Prince says PIF to inject $40 bln annually in economy in 2021,2022

RIYADH, Nov 12 (Reuters) - Saudi Arabia’s Crown Prince Mohammed bin Salman said that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) will inject 150 billion riyals annually ($40 billion) in the economy in 2021 and 2022, state news agency reported on Thursday.

The de facto ruler added that the fund managed to create higher return of investments at a minimum of 7%, from 2% since its establishment, with some investments exceeding 70% and others making a return of more than 140%, adding that it became one of the “key growth drivers” for the Saudi economy.

Reporting by Marwa Rashad; Editing by Franklin Paul

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