Saudi's PIF downsizes foreign investment, turns to AI, domestic priorities
Saudi Arabia's sovereign wealth fund is looking to invest in tourism, real estate and sustainability as its Vision 2030 deadline draws closer.
RIYADH — Saudi Arabia's Public Investment Fund plans to downsize its international investments to 18-20% of its total portfolio even as it continues to prioritize investment in artificial intelligence, the governor of the sovereign wealth fund said on Tuesday.
Yasser al-Rumayyan told the Future Investment Initiative conference in Riyadh that initially, less than 2% of the PIF's investments were international. "But then it increased from 2% all the way up to 30%. Now our target is to bring it down to between 18 to 20%."
The planned downsizing is part of an ongoing shift to a more domestic focus.
Domestic focus
