Riyadh, Saudi Arabia – Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as a potential global hub for AI and related industries, citing its competitive advantages, leadership in clean energy resources, political commitment, robust funding capabilities, and developing human talent.
Delivering a speech at the FII PRIORITY summit in Miami, Al-Rumayyan said the PIF plans to realize this ambition by investing in research and development, supporting partnerships with academic and research institutions, and organizing events like the upcoming summits in Brazil and Kenya to foster international collaboration.
Over 70% of PIF’s investments are now directed towards projects within Saudi Arabia, aligning with the goals of Vision 2030, the Kingdom’s ambitious economic diversification plan. International investments, while declining in percentage terms, remain significant, with 40% concentrated in the US market.
This strategy aims to maximize local impact through job creation, GDP growth, and increased local content in projects.
Both PIF and its subsidiary, oil giant Aramco, chaired by Al-Rumayyan, emphasized their commitment to sustainability. Aramco claims to be the world’s most sustainable oil producer and invests heavily in clean energy technologies like blue and green hydrogen.
Saudi Arabia also boasts the world’s lowest solar energy price, further bolstering its clean energy credentials.
This strategic shift by the PIF signals a renewed focus on long-term economic transformation and sustainability for Saudi Arabia. By investing in key sectors, fostering domestic growth, and embracing technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future, aligned with the ambitious goals of Vision 2030.