Shoura approved draft law to strengthen PIF role in achieving Vision 2030 goals

The Shoura Council on Wednesday approved the draft Public Investment Fund (PIF) law aimed at strengthening the role of PIF toward achieving the objectives of the Kingdom’s Vision 2030.

It will also enable PIF to become one of the largest sovereign funds in the world, enjoying financial and administrative independence.

Shoura President Sheikh Abdullah Al-Asheikh chaired the session.

Assistant President of the Council Dr. Yahya Al-Samaan said in a press statement after the meeting that the Council took the decision after hearing the views of the committee of economy and energy on the opinions and viewpoints on the draft law during the deliberations in the previous session.

The amended draft law consists of several new provisions in the existing law with an increase in the number of articles from 10 to 32. The new amended law keeps pace with the Vision’s goals and aspirations of PIF to become a leading global sovereign fund.

Al-Samaan said the Council urged the Saudi Red Crescent Authority to ensure the fitness and capabilities of the health practitioners in order to continue their emergency field work.

The Authority also sought to coordinate with the relevant authorities to increase financial allocations to meet its emergency needs and provision of training and rehabilitation programs.

The Council also demanded the Authority to intensify efforts, in cooperation with the educational and charitable organizations, to enhance awareness and training programs on first aid services in all regions of the Kingdom.