In an April 4 interview with the Bloomberg news agency, Deputy Crown Prince Mohammed bin Salman announced Saudi Arabia's plan to launch a National Transformation Program to shape the kingdom’s economy for the post-oil period. According to the prince, the program will aim to increase the Public Investment Fund (PIF) by restructuring the investments, companies and other assets currently held by the fund. The question now is how can the Saudis ensure the outcomes they seek?

The PIF was established pursuant to a royal decree of Aug. 18, 1971, with capital of 1 billion riyals, the equivalent of $266 million today. Article II of the decree stipulates, “The PIF will finance commercial projects belonging to the government, to industrial institutions associated with the government and to public institutions. These projects shall be either executed independently or through a partnership between the mentioned administrative authorities and private institutions.”

Since its inception, the PIF has played an important role in the financing of vital projects in the kingdom, including in the oil refining, fertilizer, petrochemical and electricity sectors. In July 2014, the Council of Ministers granted the PIF authority to fund new companies inside and outside the kingdom, either independently or in cooperation with the public and private sectors, without the council's prior approval.

The PIF does not have a website, and there is a dearth of information concerning its strategies for managing its assets. In addition, it is not known whether its investment returns are added to the general budget. Over the past year, however, an upswing could be discerned in its operations abroad.