Saudi Arabia’s new regulations will stimulate new investments, says PIF governor

Governor of the Public Investment Fund (PIF),​ Yasir Al-Rumayyan, said that Saudi Arabia is making efforts to stimulate new investments through setting out relevant rules and regulations.

He further explained that these regulations will help generate further investments into new sectors.

Al-Rumayyan also said that PIF is adopting an “approach of adaptability” with latest economic and business trends.

“We should all do that,” he stressed, adding that the investments of the PIF have a “positive impact” on the international level, so as on the domestic level such as Real Estate and construction, renewable energy and healthcare.

Earlier, Al-Rumayyan said during his inaugural speech that FII began with a simple idea in 2016 and is now one of the top global gatherings.

He added that FII brings together investors, asset managers, politicians, entrepreneurs, startups from the United States, China, India, Japan, Russia, and the Middle East among others.

PIF governor explained that this year’s edition is focused on three main pillars; sustainable future, technology for good, advanced society to inspire humanity in the age of machines, he noted.

“Saudi Arabia is a very good example because today the cost of solar power in the Kingdom is 1/10 of what it was earlier,” he noted.

“We are leading sovereign wealth funds, economies and companies to get them beyond money by working towards job creation, GDP growth, and societal prosperity while making money," he concluded.

The Public Investment Fund (PIF) is organizing the third annual Future Investment Initiative 2019 (FII) themed ‘What is next for global business?’, under the patronage of Saudi Arabia’s King Salman, from October 29th to 31st 2019 in Riyadh.

FII aims to explore latest innovations, opportunities and challenges shaping the global investment landscape, as well as emerging businesses covering a range of sectors, including energy, banking, technology, transportation, entertainment, sports, and healthcare.

Many analysts and experts have previously stated that the Saudi Vision 2030 will help establish the Public Investment Fund as one of the leading Sovereign Wealth Funds on the global level.

Write to Christine El Cheikh at christine.elcheikh@argaamplus.com