RIYADH: Yasir Al-Rumayyan, governor of the Public Investment Fund, said the fund’s assets have tripled since 2015, adding the fund's goal is to reach $1 trillion by the end of this year, “and we are very close to achieving it.”
The PIF has been the cornerstone of Saudi Vision 2030, with its workforce expanding from around 40 employees in 2015 to about 4,000 today. The fund has also established offices in major global cities.
Al-Rumayyan noted that the fund has launched more than 100 companies across a wide range of sectors to fill market gaps and drive economic diversification.
He revealed that a new PIF strategy is expected to be announced soon, as it is currently in the final stages of approval. The strategy will focus on six key sectors — tourism, travel and entertainment, as well as urban development, advanced manufacturing and innovation, logistics, renewable energy, and NEOM.
This focus, he said, will help the fund prioritize investments according to clear timelines, emphasizing: “We don’t want to approach all investments with the same level of priority.”
Al-Rumayyan also highlighted the PIF's success in revitalizing King Abdullah Economic City, part of the fund’s portfolio. He said the PIF increased its ownership from a minority to a majority stake, transforming the company — which had been largely inactive for nearly two decades — into a dynamic hub by attracting ports, companies, and automotive industries, among others.
