PIF eyes large investments in entire tech spectrum; tourism, real estate to follow: Al-Rumayyan

Yasir Al-Rumayyan, PIF governor

Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), said that the sovereign wealth fund is looking to invest not only in large companies but in the entire spectrum of technology.

“We believe in going for early stage investments,” he said during the panel discussion titled ‘The Neo-Renaissance: How will investment shape a rebirth of global economy?’ at the Future Investment Initiative 2021.

The governor also pointed out the disconnect between the real economy and the financial markets, adding that given the current circumstances for the market to turn buoyant in 2021, the differences need to be levelled up.

“We are watching the market and being cautious about the investments,” Al-Rumayyan stated.

When talking about the mega project NEOM, the PIF governor highlighted that the recently-announced THE LINE project is a revolutionary idea and will see a big spending on infrastructure of $150 billion to $200 billion.

He also said that the Fund is looking to invest more in tourism, entertainment, renewable energy, and real estate. “I think the variety of investment is big in Saudi Arabia. At PIF, we are investing in real economy, which is the main engine of growth,” Al-Rumayyan added.

“Saudi government is keen on attracting investors, so we are tweaking and changing laws. We also plan to give even more tax holidays to international investors,” he noted.

Al-Rumayyan also said that Environmental, Social, and Corporate Governance (ESG) is particularly important for the PIF and the Fund is always looking to incorporate it in every aspect.