MIAMI — Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF) and Chairman of the FII Institute, said the US market accounts for 40% of the PIF's total international investments, which have surpassed $100 billion between 2017 and the end of 2023. Speaking at the Future Investment Initiative (FII) PRIORITY summit held in Miami, Al-Rumayyan detailed the fund's investments in companies within key sectors such as sustainability, education, healthcare, artificial intelligence (AI), and robotics and its partnerships with research, academic, and consulting institutions aimed at supporting these critical areas. Al-Rumayyan announced plans to broaden the FII's global reach by hosting events in Brazil and Kenya, aiming to strengthen connections and uncover investment opportunities in Latin American and African markets, with a focus on environmental conservation and shift toward renewable energy. He elaborated on the PIF's investment strategy, noting that over 70% of its investments are concentrated within Saudi Arabia, fueling the Kingdom's economy, while the share of international investments has been reduced to under 25%. Al-Rumayyan emphasized that the PIF's investments are strategically aimed at new sectors to make a long-term impact and drive the economic transformation outlined in Saudi Vision 2030. He mentioned the initiative's success in achieving many of its goals ahead of schedule. Al-Rumayyan shared PIF's plans to invest between $40 billion and $50 billion annually until 2025, while focusing on the impact of these investments on Saudi Arabia's GDP, job creation, and increased local content. He underscored the goal of boosting local revenues from these investments to create a sustainable impact on the Saudi economy and achieve the objectives of Saudi Vision 2030. Regarding international investments, he noted that although the ratio has decreased, their volume continues to grow. Al-Rumayyan asserted Saudi Arabia's potential to become a leading global hub for AI and related industries, citing the Kingdom's advantages like leadership in clean energy resources, political will, funding capabilities, and human competencies. He discussed Saudi Aramco's commitment to sustainability, highlighting its status as the most sustainable oil producer worldwide, with carbon output per barrel significantly lower than other companies. He revealed Aramco's investment in research-and-development centers globally to advance clean energy technologies. Furthermore, he spoke about the Kingdom's focus on blue and green hydrogen production, aiming for Saudi Arabia to supply 15% of the global blue hydrogen market. He pointed out Saudi Arabia's significant advantage in the global energy sector while underscoring the Kingdom's competitive edge in clean energy resources, notably with its world-leading low cost of solar energy at less than 2 cents per kilowatt-hour.
