RIYADH — Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said that the PIF has contributed one-third of non-oil GDP growth, amounting to SR910 billion.
“The PIF aims to develop 100,000 hotel rooms and introduce 70 tourism experiences across various regions of Saudi Arabia, with the objective of strengthening the tourism sector and increasing visitor numbers,” he said.
Al-Rumayyan made the remarks while addressing a government press conference in Riyadh, following the approval of PIF’s 2026-2030 strategy by its board of directors, chaired by Crown Prince and Prime Minister Mohammed bin Salman.
He revealed that the PIF’s companies attracted foreign direct investment totaling SR57 billion between 2021 and the third quarter of 2025, while the urban development system is expected to increase the homeownership rate among Saudis to 70 percent.
During the press conference, he outlined the key features of the PIF’s strategy for the 2026–2030 period, highlighting its most significant financial and economic achievements, as well as its focus on major projects, most notably NEOM.
Al-Rumayyan noted that the PIF has secured strong international credit ratings, emphasizing that the new strategy is built upon six economic pillars designed to foster growth and diversify the national economy.
He emphasized that the PIF’s investments are inherently long-term, regardless of short-term market fluctuations. “The Kingdom enjoys a strong financial position, a distinguished strategic location, advanced infrastructure, and liquidity linked to global markets, all of which enhance its ability to attract investments and capital,” he said.
Al-Rumayyan stated that the preparation of three stadiums to host the 2034 FIFA World Cup forms part of efforts to support the Kingdom’s bid for the global event. The tourism initiatives are expected to contribute to handling 96 million passengers through King Salman International Airport. He highlighted PIF’s role in doubling the market capitalization of Maaden to SR247 billion by 2025, alongside the creation of 12,000 jobs in engineering design.
The PIF chief said that work is underway to restructure projects within the NEOM company to achieve sustainable financial viability in the future and implement them in well-planned phases. He explained that NEOM’s classification as an independent economic ecosystem reflects its size and fundamental importance, encompassing the energy, ports, logistics, artificial intelligence, tourism, and healthcare sectors. He clarified that no projects have been canceled; rather, some have been postponed and are being executed in stages.
Al-Rumayyan said that NEOM will be classified as an independent entity within the PIF’s strategy, with a particular focus on the Oxagon project as a key driver, alongside the development of infrastructure for emerging tourist cities. He also noted the Fund’s support for Riyadh’s hosting of Expo 2030 and confirmed that its investment targets in sports clubs have been successfully achieved, underscoring that prioritizing investments enhances overall efficiency.
Al-Rumayyan indicated that the PIF’s investments will be allocated across three primary portfolios: the Vision portfolio, the strategic investments portfolio, and the financial investments portfolio, all operating within six integrated economic systems designed to strengthen competitiveness and expand opportunities for the private sector.
“The new strategy represents a continuation of the transformation phase initiated in 2015, which included restructuring the Board of Directors, aligning it with the Council of Economic and Development Affairs, expanding global investments, and launching major projects such as the Red Sea Project, Qiddiya, and Roshan, in addition to the Future Investment Initiative, which has evolved into a global platform,” he added.
Source: Saudi Gazette