Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), Chairman of the Institute for Future Investment Initiatives (FII), and Chairman of the Saudi Aramco Board of Directors, said that FII is primarily focused on several key areas such as sustainability, education, healthcare, and artificial intelligence. He said he is focusing on the field. (AI), Robotics.
He said he has invested in several companies operating in these areas and established partnerships with research, academic and consulting institutions to support these goals.
Speaking at the FII PRIORITY Summit in Miami, Al Rumayyan said the initiative will hold events in Brazil and Kenya to strengthen ties and investment opportunities with markets in Latin America and Africa and discuss issues. The company explained that this will expand its global presence in the future. such as environmental protection and the transition to renewable energy.
According to the Saudi Press Agency, the prime minister also mentioned the PIF's strategy, saying that while more than 70% of investments are domestic and directed into the Saudi economy, the public share of international investments has fallen to less than 25%. He said that
Al Rumayan also said that PIF’s investments are primarily targeting new sectors, with the goal of having a long-term impact by becoming the economic engine of the transformation journey in Saudi Vision 2030. He explained that the Goals are distinguished from other international strategic plans by their success in achieving them. Many goals are achieved ahead of the set schedule.
“The fund invests between $40 billion and $50 billion annually, and this will continue until 2025. “We are looking forward to increasing local income from our investments in line with the framework to have a sustainable impact on the Saudi economy and realize the goals of Saudi Vision 2030.” Stated.
Regarding the fund's international investments, Al Rumiyan said that although their proportion has declined compared to domestic investments, their value continues to increase quantitatively, and that investments in the U.S. market continue to increase. It pointed out that this accounted for 40% of the fund's total international investments. In the form of investments or purchases, from 2017 he will reach more than $ 100 billion by the end of 2023.
The PIF governor highlighted that Saudi Arabia is well-positioned as a major global hub for AI and related industries, including leadership in clean energy resources, political will, financing capacity, and human resources to achieve this goal. He explained that there are many competitive advantages. ability.
The Aramco chairman also noted that the company is prioritizing sustainability issues, making it the most sustainable oil producer in the world, producing more carbon per barrel of oil than any other company. It said it would not exceed 25% of what it produces. He also said Aramco has 12 research and development centers around the world to work on clean energy technologies.
According to SPA, Aramco and PIF are interested in blue hydrogen.
He added that Saudi Arabia aims to provide 15% of the world's blue hydrogen production and is also paying special attention to green hydrogen, while possessing clean energy resources that contribute to hydrogen production. Ta.
“The price per kilowatt-hour of solar energy in Saudi Arabia does not exceed 2 cents, the lowest in the world, giving Saudi Arabia an important competitive advantage,” he said.
