PIF was ready to seize opportunities in global markets during pandemic, results ‘robust’: Al-Rumayyan

Governor of The Public Investment Fund,Yasir Al-Rumayyan

The Public Investment Fund (PIF) was ready since the emergence of the COVID-19 pandemic to seize the opportunities arising from steep declines in global markets, since similar opportunities were wasted during the global financial crisis in 2008, Governor Yasir Al-Rumayyan said.

The fund invested huge funds and achieved robust results, Al-Rumayyan told Argaam during the Saudi Budget Forum 2022, explaining that the fund’s entrance process came in three phases; strategic investment, speculations, and risk investment.

Earlier, the PIF held very strong investments, he said, adding that one of the most successful investments was in Lucid Motors during 2018, when the fund invested $2.9 billion. Today, Lucid is valued at $65 billion, compared to just $3 billion earlier.

The fund does not focus only on the financial outcome. Therefore, a program was developed by the PIF and Lucid to train Saudi engineers at the electric vehicle manufacturer, Al-Rumayyan added, citing similar programs with other firms, in which the fund invests.

Before 2015, the total value of PIF’s investments globally was less than 1.5%. Backed by its new strategy, these investments rose to 30% globally and to 70% locally. When the strategy was adopted until 2025 earlier this year, the PIF’s board aimed to grow global investments by 20% to 25%, Al-Rumayyan noted, explaining that the percentage declined, but the value increased. The PIF’s asset value stood at nearly $150 billion in 2015, and have currently increased to $480 billion.