PIF commits SAR 150 bln local investments in next 2 years: Al-Rumayyan

Yasir Al Rumayyan, Governor of PIF

The Public Investment Fund (PIF) is committed to invest SAR 150 billion in the next two years, governor Yasir Al-Rumayyan said during the 2021 Budget Forum.

He further added that the sovereign wealth fund achieved returns of more than 100% for some of its global investments during the pandemic.

The fund’s strategy during COVID-19 was based on three pillars, namely seizing opportunities, strategic investment and risky finance.

By the end of Q3 2020, the fund’s total assets reached more than SAR 1.3 trillion, a two-fold increase since its inception in 2015.

The fund is also working on bringing electric vehicle manufacturer, Lucid Motors, to the Kingdom, Al-Rumayyan said, adding: "We are investing globally in sectors like electric vehicles. Our investment in Lucid is not considered global, but it will complement local investment if we manage to bring them into the country, and this is what we are working on."

According to the top official, PIF set up more than 30 firms across several sectors since 2015, including tourism, military industries and recycling.

The sovereign fund has abundance of liquidity, which will back its investment strategy, Al-Rumayyan noted.

The governor pointed out that PIF aims to make 80% of its portfolio local investments and rest 20% global investments, to achieve economic diversification and inject financial returns in the Kingdom.

The sovereign wealth fund is targeting its assets to hit SAR 7-10 trillion by 2030, he said.

“The fund's diversified investments will have a positive impact on the local economy, jobs and quality of life in particular,” Al-Rumayyan concluded.