Al-Rumayan sees Kingdom poised for AI domination, 2x return on investment

The Kingdom has the potential to become a global leader in artificial intelligence, the Public Investment Fund’s (PIF) Governor, Yasir Al-Rumayyan stated.

Speaking at the third PRIORITY Summit in Miami, hosted by the Saudi Future Investment Initiative (FII), Al-Rumayyan emphasized that the Kingdom's political will, demonstrated through regulations and legislation, benefits the entire ecosystem, including the PIF, the Saudi private sector, and the country as a whole.

PIF’s investments are not limited to capital markets only but also include investing in companies and creating new innovations, products and services that effectively contribute to providing job opportunities and enhancing economic growth.

Rumayyan said that the fund worked to develop the Saudi economy by establishing 103 diverse companies operating in 13 different sectors, both locally and internationally.

Since its 2017 strategy launch, the Fund has generated over 1.1 million direct and indirect jobs globally, prioritizing quality over quantity of jobs, to promote sustainable development.

He indicated that the PIF invests heavily in new projects, injecting between $40 and $50 billion annually. This substantial investment demonstrates the Fund's dedication to economic diversification.

Rather than simply purchasing existing financial assets, the PIF focuses on building new companies, fostering emerging industries, and revitalizing key sectors. This proactive approach directly stimulates and strengthens economic activity.

PIF Governor explained that Saudi Arabia’s goal is to achieve a strong economic multiplier. By ensuring that every real dollar spent generates at least twice its value, It can create jobs and boost local content. This is a crucial factor in the GDP equation, as increasing local content allows for higher exports and reduced imports, which has been its ongoing strategy.