Saudi investment fund to raise its international exposure: Al-Rumayyan

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), plans to allocate a higher proportion of its assets in international investments from its current level, Yasir O. Al-Rumayyan, Managing Director, PIF said at the ongoing Future Investment Initiative (FII) 2018 in Riyadh on Tuesday.

Speaking in a panel discussion, Al-Rumayyan said, “Currently, 90 percent of PIF's assets are allocated to local investments, and 10 percent to international holdings. We seek to raise international investments to 25 percent in the medium term, and then to 50 percent by 2030.”

He said PIF’s goal is to increase its assets under management to $2 trillion by 2030.

Al-Rumayyan also talked about PIF’s investment in 2016 in the US ride-hailing service Uber.

“Investment in Uber has created a number of jobs as the future is changing and we are being an enabler,” he said.

The FII 2018 started in Riyadh today, under the patronage of King Salman and Crown Prince Mohammed bin Salman. The three-day event, organized by the PIF, aims to explore and develop new opportunities that would shape the future of investment in the world.