The Governor of the Public Investment Fund (PIF), Yasir Al-Rumayyan, stated that the Future Investment Initiative (FII) has brought over $125 billion deals since its launch.
PIF’s Pivotal Role
Speaking at the FII Summit in Riyadh, Al-Rumayyan stressed the PIF’s pivotal role in funding several projects across the Kingdom. Such projects include NEOM, Red Sea, Qiddiya and others, the Saudi Press Agency reported.
The Governor also mentioned the noticeable growth of foreign holdings from 2% to 30%. However, the Fund aims to decrease this percentage to 18-20% from the assets under management exceeding $900 billion.
Bold Economic Success
Al-Rumayyan emphasized that Saudi Arabia’s economy has achieved bold strides gaining a prestigious position among the fastest-growing in the world.
Similarly, it ranked as the fastest-growing economy within the G20 countries in 2022. In the light of this, PIF is decisively committed to further accelerating the economic growth among G20 nations.
Local Economy
As Saudi Vision 2030 continues to open new horizons, the Fund is currently focusing on the development of local economy.
To this end, the PIF has established more than 92 new companies in major sectors. Despite the global challenges such as economic instability, rising cost of living, and healthcare disparities, the Fund was able to open new pathways for progress.
Sustainable Investment
Al-Rumayyan also underscored the importance of focusing on long-term sustainable investments to ensure lasting impacts.
“We have the responsibilities and opportunities to shape a future that invests not only in the economy but also in humanity itself,” Al-Rumayyan said.
Looking ahead, he expected that emerging markets will surpass developed markets stressing the need of specific sectors to capture promising investments by 2030. By 2030, he predicted that artificial intelligence (AI) could add $20 trillion to the global economy.
Future Investment Initiative
Themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” the summit aims to accelerate the fulfillment of Saudi Vision 2030 by diversifying the Kingdom’s economy and cutting oil dependency.
“The event will ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity,” the FII institute said.
Set to run until October 31, the event highlights the participation of more than 5,000 participants from 90 countries. They include heads of state and governments, major companies, and 500 speakers from different sectors.
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