PIF says COVID-19 pandemic accelerated pace of technological change

Saudi Arabia’s Public Investment Fund (PIF) said that the COVID-19 outbreak helped accelerate the pace of the technological change and further led to a drastic transition in life patterns, as well as business practices.

“The PIF invests in the technology industry, seeking to deploy top-notch, innovative solutions, in a way that boosts the Kingdom’s long-term economic development,” the fund stated in a tweet.

The information technology (IT) industry maintained growth despite the pandemic outbreak, it added.

The sovereign fund seeks to deploy these new options in the Kingdom through international partnerships, as Elm digital solutions company was launched in line with the Kingdom’s strategy to become a leading hub in the field.

“IT investments will likely figure the future; the PIF is working on building the economy’s momentum locally and overseas,” the fund added.