Saudi Arabia's PIF Urged to Open Doors for Private Investment

Saudi Arabia's Investment Minister Khalid al-Falih calls on the PIF to decrease domestic expenditure, inviting the private sector to invest more as the sovereign wealth fund plans a new strategic agenda. This move aligns with Vision 2030, amid economic challenges and the drive to diversify away from oil reliance.

Saudi Arabia's Investment Minister Khalid al-Falih has called for the Public Investment Fund (PIF) to reduce its domestic spending and allow the private sector to play a more active role as the kingdom drafts a new strategic plan for its sovereign wealth fund.

The call comes amid Crown Prince Mohammed bin Salman's Vision 2030 initiative, which aims to shift the nation's economy away from oil dependency. Despite ambitious project targets, lower oil prices and budget constraints have caused delays and forced prioritization.

The PIF, with over $900 billion in assets, is central to Vision 2030. As the current strategy ends, foreign investment into Saudi Arabia reached $31.7 billion in 2024, with significant focus on the non-oil sector, highlighting a transformative regional investment landscape.

(With inputs from agencies.)