PIF (Public Investment Fund) will invest SR1tn over the next five years in new projects; Yasir Al-Rumayyan, governor of PIF, announced.
Al-Rumayyan also added that the PIF; the sovereign Saudi wealth fund, became a fundamental pillar for the Saudi economy’s sustainability.
Addressing the periodic press conference for government communication on Tuesday; Al-Rumayyan also said that the volume of PIF assets rose from SR570bn in 2015 to SR1.5tn; stressing that the PIF is among the fastest-growing sovereign funds.
Referring to the direct objectives of the PIF within the Kingdom’s Vision 2030, he said there are four main objectives. They are maximizing the assets of the PIF; launching new sectors through the sovereign fund, building strategic economic partnerships, and Saudizing technologies as well as knowledge.
According to Al-Rumayyan, the PIF’s goal can be realized:
1. By mapping out the future through innovation; selecting opportunities; and maximizing investment to preserve the Kingdom’s heritage and achieve its prosperity.
2. By exploring leadership prospects in all fields by harnessing efforts to redraw sectors; advance creativity; as well as achieve economic transformation in the Kingdom;
3. By excelling in building relationships through the Kingdom’s financial wealth and distinctive human competencies; so that it can build a wide network of relationships and harnesses the Kingdom’s energies in seizing promising opportunities.
4. By inspiring the world through its decisions aimed at achieving the development of sectors, advancing the performance, as well as improving the quality of human life.
Regarding PIF’s new strategy, Al-Rumayyan also pointed to the development of eight basic pillars of the fund’s strategy for the five years of 2021-2025, stressing that the strategy is directly related to the Saudi Vision 2030.
The PIF governor also emphasized the focus on local investments within the new strategy. “Four portfolios will be for local investment within the new strategy of the fund, and two portfolios will be for foreign investments to the fund.”
“Financing of new investments will be from the PIF’s money and the assets granted by the government, and the fund will rely on the profits that our current companies generate to finance future projects,” he also added.