Saudi Arabia poised to lead in AI, aims for double returns: PIF Governor

Speaking at the third edition of the FII Priority Summit in Miami, Al-Rumayyan highlighted the Kingdom’s strong political will, reflected in regulations and legislation that pave the way for PIF, the private sector, and the broader economic ecosystem.

PIF’s investments are not limited to capital markets only but also include investing in companies and creating new innovations, products, and services that effectively contribute to providing job opportunities and enhancing economic growth, he explained.

Al-Rumayyan said that the fund worked to develop the Saudi economy by establishing 103 diverse companies operating in 13 different sectors, both locally and internationally. Since its 2017 strategy launch, the fund has generated over 1.1 million direct and indirect jobs globally, prioritizing quality over quantity of jobs, to promote sustainable development.

He went on to say that the PIF invests heavily in new projects, injecting between $40 and $50 billion annually. This substantial investment demonstrates the fund's dedication to economic diversification.

Rather than just purchasing existing financial assets in the secondary markets, the PIF focuses on building new companies, fostering emerging industries, and revitalizing key sectors. This proactive approach directly stimulates and strengthens economic activity.

“Our goal is to achieve at least a twofold economic multiplier for every real dollar we spend,” he stated. “This translates into job creation and local content growth—key factors in GDP expansion—allowing us to export more and reduce imports.”