saudigazette10d ago
MIAMI — Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), said Saudi Arabia’s economy remains “strong, stable and resilient,” as the Fund prepares to unveil a new five-year strategy within weeks.Speaking at the FII PRIORITY Miami 2026, Al-Rumayyan outlined a strategic shift in the sovereign wealth fund’s approach, moving from predominantly self-funded investments toward a broader model that invites both domestic and international partners.He emphasized that PIF operates as a long-term investor, measuring returns “not in quarters, but in decades,” while maintaining a diversified and structurally resilient portfolio.The governor said the upcoming strategy, expected to be revealed within weeks, will focus on mobilizing third-party capital and creating more opportunities for global investors to participate in Saudi-led projects.“We put the foundation for many of these investments initially,” Al-Rumayyan said. “Now we are looking in a greater way at how to invite people to come and work with us.”He noted that major global asset managers, including BlackRock and Franklin Templeton, have already begun establishing funds in partnership with PIF to invest in the Saudi economy.Al-Rumayyan highlighted the evolution of PIF since its early role as a “nation builder” to its current position as a global investor and ecosystem developer, with increased focus on domestic deployment in recent years.He said the fund is now entering a new phase aimed at “crowding in” private sector participation across key sectors, including infrastructure, real estate, data centers, pharmaceuticals, and renewable energy.The shift reflects a broader ambition to transform Saudi Arabia into a global investment hub.“In the past, we tried to bring Saudi to the world,” he said. “Now we are in a stage where we want to bring the world to Saudi.”Al-Rumayyan pointed to large-scale developments such as Red Sea Global as examples of this approach, noting that the project has already attracted 19 international hotel operators and is expanding partnership models in infrastructure and risk-sharing mechanisms.He added that “de-risking” projects for investors remains a central pillar of PIF’s strategy, enabling greater participation from private capital.On artificial intelligence, Al-Rumayyan said Saudi Arabia is “very well positioned” to benefit from the technology, citing strong access to computing infrastructure, energy resources, and a supportive regulatory environment.He stressed that AI should be viewed as an enabler rather than a standalone product, with its value driven by efficiency gains across industries.“We see AI as a tool,” he said. “The end product is what our companies deliver, cutting costs and improving efficiency.”He highlighted partnerships with major U.S. technology firms, including Microsoft, Google, and Oracle, as well as tangible results from companies such as Saudi Aramco, which he said reduced drilling costs by about 20% and improved delivery efficiency by 30% through AI adoption.Al-Rumayyan also underscored the role of the Future Investment Initiative as a global platform for building partnerships, stressing that networking and collaboration are key outcomes beyond formal discussions.“It’s not only the dialogue,” he said. “It’s the relationships and the knowledge that people take away.”
