PIF Governor Yasir Al-Rumayyan Highlights Fund’s Growth and Global Expansion at FII9

📷SPA

Riyadh, October 30 (Saudi Arabia Breaking News) – Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), outlined the fund’s remarkable transformation and growth during his participation in the ninth edition of the Future Investment Initiative (FII9), held at the King Abdulaziz International Conference Center in Riyadh under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.”

Al-Rumayyan, who also chairs Saudi Aramco’s Board of Directors and the Board of Trustees of the FII Institute, reviewed key milestones in the PIF’s development since its establishment in 1971. He said the fund was created to support national economic growth and strengthen the foundations of sustainable development. In its early years, the PIF contributed to the creation of major Saudi companies such as SABIC and Saudi Arabia Railways (SAR), while also supporting the banking sector and industrial complexes that fueled economic growth.

Al-Rumayyan described 2015 as a major turning point, when His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, launched a comprehensive vision to transform the PIF from an asset management institution into the Kingdom’s primary economic engine. At that time, the fund’s assets were valued at around $150 billion — a figure that has since nearly tripled, as the PIF approaches its $1 trillion target by the end of 2025.

He noted that this transformation required rebuilding the fund’s institutional framework, attracting talent, enhancing systems and governance, and adopting global best practices modeled after leading sovereign wealth funds. These efforts, he said, laid the foundation for the PIF’s current phase of strategic and developmental expansion.

Al-Rumayyan highlighted the fund’s workforce growth from fewer than 40 employees in 2015 to more than 3,000 today, as well as its growing international presence with offices in New York, London, Paris, Beijing, Shanghai, and Hong Kong, alongside regional offices in Egypt, Jordan, Oman, and Bahrain.

He emphasized that the fund’s culture of efficiency and achievement reflects the vision and approach of HRH the Crown Prince, whose leadership has inspired similar institutional transformations across government and executive sectors.

Al-Rumayyan announced that the PIF’s 2026–2030 strategy is currently being finalized. The new plan aims to enhance investment performance, expand assets, and further diversify the fund’s portfolio by 2040, consolidating its position as a central pillar of Saudi Vision 2030.

He concluded by recalling the launch of the PIF’s first strategic plan in 2017 during the inaugural FII. That phase focused on stimulating emerging sectors, identifying ten priority areas, and establishing new companies to bridge developmental and economic gaps. A second phase, launched in 2021, continues through the end of this year.

Al-Rumayyan said that the PIF’s goals were defined collaboratively with experts from multiple ministries and public and private entities, reflecting a unified national effort to realize the ambitions of Vision 2030.