PIF has invested in 50 to 60 firms via SoftBank fund: Al Rumayyan

Saudi Arabia's Public Investment Fund (PIF) has invested in 50 to 60 companies through SoftBank Group’s Vision Fund and aims to bring a majority of those businesses to the Kingdom, its managing director Yasir Al Rumayyan told the Future Investment Initiative (FII) 2018 in Riyadh on Tuesday.

"We are investing in technology internationally due to the nature of the disruptions that we see. We have to be enablers instead of getting surprised by these changes," he noted.

Through the Vision Fund, the Saudi sovereign wealth fund has invested in ride-hailing app Uber, hotel startup OYO Rooms, and shared-office provider WeWork.

Commenting on PIF's investment in Uber, Al Rumayyan said the investment has been financially attractive and has led to creation of jobs in the Kingdom.

"It is creating jobs in every Saudi city. It is making life much easier for drivers, customers and shareholders. You have better services, more efficient and at lower prices... so that is what technology is bringing to the table."

Sharing his views on investment in Tesla rival Lucid Motors, Al Rumayyan said the fund’s objective was to localize the industry in Saudi Arabia.

"We are not in it for financial returns, but we aim to localize this industry," he added.