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PIF plans to boost its investments in semiconductors and aerospace this year

The Saudi Public Investment Fund plans to make major investments in the semiconductor and public aerospace sectors, according to what the Minister of Communications and Information Technology, His Excellency Engineer Abdullah Al-Sawaha, said in Davos.

His Excellency, who is also Chairman of the Board of Directors of the Saudi Space Agency, confirmed that the Fund is looking forward to establishing a national space company to invest and acquire assets in this sector.

This comes in a step to accelerate the Kingdom’s efforts to diversify its economy away from oil, in line with Vision 2030.