Riyadh, Jan 25: Saudi Crown Prince Mohammed bin Salman has unveiled a new five-year economic strategy aimed at achieving the Kingdom's 'Vision 2030' goal to diversify the economy away from dependence on oil, the media reported.

In a statement on Sunday, the Crown Prince said the Public Investment Fund (PIF) will pump at least $40 billion a year into the local economy, double its assets to $1.07 trillion, contribute $320 billion to non-oil GDP and create 1.8 million jobs by 2025, Arab News reported.

According to Mohammed bin Salman, the 2021-2025 strategy will "represent a major pillar in achieving the aspirations of our country and aims to achieve the concept of comprehensive development".

It will focus on launching new sectors, empowering the private sector, developing the PIF's portfolio, achieving effective long-term investments, supporting the localization of sectors and building strategic economic partnerships, he added.

(The above story first appeared on LatestLY on Jan 25, 2021 09:57 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).