Saudi Arabia’s sovereign wealth fund plans to shift its investment focus, reducing foreign holdings and increasing local investments. This was announced by Yasir Al-Rumayyan, the Governor of the Public Investment Fund (PIF), during the Future Investment Initiative.
Under Al-Rumayyan’s leadership since 2015, PIF has expanded from $150 billion to a $930 billion global entity, with international investments rising from 2% to 30%. The new goal is to decrease foreign assets to 18-20%, while boosting investments in 92 Saudi companies. These companies include real estate ventures like Neom and Red Sea Global, as well as tech firms such as Alat and Savvy Games, which are pivotal to Saudi Arabia’s economic transformation.
Al-Rumayyan highlighted, All of these companies are big investors in new sectors that were not in existence in Saudi Arabia.
He noted the changing global perception of Saudi Arabia since 2015.