Future Investment Initiative conference to become foundation, says PIF MD

Saudi Arabia’s annual Future Investment Initiative conference will become a foundation with dedicated offices and staff, said Yasir Al-Rumayyan, managing director of the Public Investment Fund (PIF), on Tuesday.

Al-Rumayyan was speaking at the second edition of FII, being held from Oct. 23-25 in Riyadh.

“FII is too important to be once a year – that’s why we’ve decided it will become a foundation. We will spin off FII into a new institution with its own offices and staff,” Al-Rumayyan said.

Deals worth $50 billion will be signed at the FII summit today, ushering in huge investments in the energy and infrastructure sectors.