The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, aims to boost assets under management to more than 4 trillion Saudi riyals ($1.06 trillion) by the end of 2025, according to a budget statement the kingdom published on Tuesday.

As of October, PIF's assets were valued at 3.47 trillion Saudi riyals, the statement said.

The fund also aims to invest one trillion Saudi riyals in domestic projects and investments in Saudi Arabia, the statement said.

(Reporting by Andrew Mills Editing by Peter Graff)