Beijing, February 23, 2024, Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), Chairman of the Future Investment Initiative (FII) Institute, and Chairman of Saudi Aramco’s Board of Directors, articulated the multifaceted approach of the FII, underscoring its focus on pivotal sectors such as sustainability, education, healthcare, artificial intelligence (AI), and robotics. He highlighted the initiative's investments in companies operating within these sectors and its collaborative partnerships with research, academic, and consulting institutions to bolster these endeavors.
Speaking at the FII PRIORITY summit in Miami, Al-Rumayyan outlined the initiative's plans to broaden its global footprint by organizing forthcoming events in Brazil and Kenya. These events aim to foster stronger ties and explore investment opportunities within the Latin American and African markets, with a particular emphasis on discussions surrounding environmental preservation and the transition towards renewable energy.
Al-Rumayyan elaborated on PIF's strategic direction, noting that over 70% of its investments are domestic, focusing on bolstering the Kingdom's economy. He highlighted the fund's commitment to new sectors, aligning with the goals of Saudi Vision 2030 to drive long-term transformation and economic growth. Al-Rumayyan emphasized PIF's annual investment commitment, totaling between $40 billion to $50 billion until 2025, with a keen focus on enhancing local GDP, job creation, and increasing local content.
Regarding international investments, Al-Rumayyan highlighted their continued growth in volume, despite a relative decline compared to domestic investments. Notably, he pointed out that investments in the U.S. market account for 40% of the fund's total international investments, exceeding $100 billion between 2017 and 2023.
Al-Rumayyan emphasized Saudi Arabia's potential to emerge as a global leader in AI and related industries, citing the Kingdom's abundant clean energy resources, robust funding capabilities, and skilled workforce as key competitive advantages.
Furthermore, Al-Rumayyan underscored Saudi Aramco's commitment to sustainability, asserting its status as the most sustainable oil producer globally. He highlighted Aramco's extensive research and development efforts in clean energy technology, particularly in blue hydrogen production, as part of the Kingdom's broader strategy to contribute significantly to global hydrogen production.
Al-Rumayyan concluded by highlighting the Kingdom's unparalleled advantage in solar energy production, with the cost per kilowatt-hour of solar energy being the lowest globally, further bolstering Saudi Arabia's position as a key player in the transition towards sustainable energy.
