The 8th Future Investment Initiative (FII) conference in Riyadh, October 29, 2024. (Credit: AFP)
The decision has made waves. On Tuesday, Oct. 29, during the 8th Future Investment Initiative (FII) conference in Riyadh – nicknamed the 'Davos of the Desert' – the governor of the Saudi Public Investment Fund (PIF), Yasir al-Rumayyan, announced the organization’s ambition to reduce its international investments by about a third to reallocate funds to national projects. The sovereign fund, which holds over $900 billion in assets, aims to reduce the proportion of funds invested abroad to between 18% and 20%, down from the current 21%, after reaching a peak of 30% in 2020. The announcement comes as the Gulf monarchy seeks to advance flagship projects within its ambitious Vision 2030 reform program, including Neom, a $500 billion futuristic megacity under construction in the desert. This decision also follows Riyadh’s earlier reductions in...
The decision has made waves. On Tuesday, Oct. 29, during the 8th Future Investment Initiative (FII) conference in Riyadh – nicknamed the 'Davos of the Desert' – the governor of the Saudi Public Investment Fund (PIF), Yasir al-Rumayyan, announced the organization’s ambition to reduce its international investments by about a third to reallocate funds to national projects. The sovereign fund, which holds over $900 billion in assets, aims to reduce the proportion of funds invested abroad to between 18% and 20%, down from the current 21%, after reaching a peak of 30% in 2020. The announcement comes as the Gulf monarchy seeks to advance flagship projects within its ambitious Vision 2030 reform program, including Neom, a $500 billion futuristic megacity under construction in the desert. This decision also follows Riyadh’s earlier...
