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PIF Provides Private Sector with $25.6 Bn Investment Opportunities

PIF Governor Yasser al-Rumayyan during his opening speech at the Private Sector Forum (Asharq Al-Awsat)
PIF Governor Yasser al-Rumayyan during his opening speech at the Private Sector Forum (Asharq Al-Awsat)
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PIF Provides Private Sector with $25.6 Bn Investment Opportunities

PIF Governor Yasser al-Rumayyan during his opening speech at the Private Sector Forum (Asharq Al-Awsat)
PIF Governor Yasser al-Rumayyan during his opening speech at the Private Sector Forum (Asharq Al-Awsat)

The value of private sector investments in portfolio companies and projects affiliated with the Public Investment Fund (PIF) amounted to $25.6 billion as of Q3 2023, announced Governor Yasser al-Rumayyan.
Rumayyan was speaking at the second edition of the PIF Private Sector Forum, which began on Tuesday at the King Abdulaziz International Convention Center in Riyadh, aiming to strengthen partnerships and showcase opportunities for local cooperation in strategic sectors.
He stressed the importance of the Forum and the opportunities it provides to enhance cooperation with the private sector in achieving PIF strategic objectives.
He added that PIF continues to work as an engine for economic transformation in Saudi Arabia through the development of strategic sectors and the involvement of the private sector through initiatives that enhance its role as an investor, partner, and supplier.
He pointed to the role of the Public Investment Fund in supporting Vision 2030 goals, which aims to raise the private sector's contribution to GDP to 65%.
PIF has provided significant investment opportunities, and the value of private sector investments in portfolio companies and projects affiliated with PIF amounted to $25.6 billion as of the third quarter of 2023.
Meanwhile, the Head of the National Development Division at PIF, Jerry Todd, stated that achieving prosperity in the private sector is one of the essential goals of Vision 2030 and a key enabler for the Kingdom's economic transformation.
Todd stressed that PIF and its portfolio companies continue their commitment to support and enhance the private sector's growth.
In the first session, entitled "The Role of the Private Sector in Realizing Vision 2030," a panel of ministers discussed the importance of partnering with the private sector as an investor, operating partner, and supplier.
- Reaching 1Mn visitors
Saudi Minister of Tourism Ahmed al-Khateeb revealed that the sector in the Kingdom achieved the goal of 100 million tourists during 2023, with 77 million local visitors and 27 million foreign tourists, who spent $26.6 billion.
Khateeb announced that the new strategy of Crown Prince and Prime Minister Mohammed bin Salman for Vision 2030 targets attracting 150 million tourists, including 80 million from within the Kingdom and 70 million from abroad.
He explained that the state committed to funding training programs, as more than 100,000 young men and women were trained annually, including 15,000 who joined the best global institutes to enter the tourism sector.
He said the Tourism Development Fund has financed over 50 projects worth SR35 billion since its establishment.
- National Academy of Vehicles
In the same dialogue session, Minister of Industry and Mineral Resources Bandar al-Khorayef launched the first National Academy of Vehicles and Cars to develop capabilities in the electric vehicles industry.
Khorayef also announced the establishment of a new Automotive Manufacturers Association to boost the growth of the industrial sector.
Through the Association of Automotive Manufacturers and National Supply Chains, the Ministry also aims to raise awareness among local communities about the automotive industry sector and build human capabilities in manufacturing and maintaining cars with a high-tech ecosystem.
The Minister asserted that the Association and the Academy would help increase the contribution of significant projects in maximizing the benefit of local content and increasing imports.
From 2020 to 2022, the Kingdom's imports saw a 38 percent increase, while imports of products listed as mandatory during the same period were approximately 15 percent.
Moreover, the number of factories producing mandatory list products has reached 1,437 in three years.
Khorayef indicated that investments would accelerate growth by applying contemporary technologies and providing attractive job prospects, suggesting that the Kingdom will eventually become a technology exporter.
He referred to the Fund's role in launching the automobile industry in Saudi Arabia and bringing a larger number of international companies into the industry and its associated supply chains.
- Shipbuilding industry
For his part, Minister of Investment Khalid al-Falih stated that the private sector is the main focus of economic diversification, which is the main focus of Vision 2030 executive and strategic programs.
Falih added during his participation in the panel that the economy is expected to grow from $693 billion to $1.7 trillion, equivalent to four times the private sector's contribution.
The Kingdom plans to launch the "Investor Confidence Index," which measures investor confidence levels biannually to provide insights into challenges and requirements for the private sector to grow, said Falih.
He also highlighted the Kingdom's stable legislative, regulatory, and legal environment, which fosters favorable and sustainable private sector development.
The Minister added that the world's shipbuilding industry will be in China, South Korea, Saudi Arabia, and Russia in the coming decades.
He described the project as "pivotal," saying it is led by Crown Prince Mohammed bin Salman to build an integrated industry.
- Financing Contractors
The Public Investment Fund, in partnership with the National Infrastructure Fund, launched the "Contractor Financing Program," aimed at mitigating risks in construction sector investments. It also seeks to strengthen the construction sector, promote a more integrated and transparent construction ecosystem, and enhance project structures.
Meanwhile, Emir of Aseer Prince Turki bin Talal bin Abdulaziz unveiled at the Forum the operations of Asser Investment Company to transform the region into the number one tourist destination in the Kingdom.
Furthermore, the General Real Estate Authority signed a memorandum of understanding (MoU) with the Public Investment Fund, aiming to empower the real estate market in the Kingdom.
The MoU enhances the role of technology and data, talent development, and regulatory policies in a way that contributes to developing the sector in the country.
The MoU includes enhancing technology and innovation by enabling four main centers that seek to position the Kingdom as a center for real estate technology.
- Local content
The first day of the Forum witnessed the presentation of the Musahama Award for the private sector, where five national companies were selected for their positive contribution to local content in their work with PIF portfolio companies, including al-Ayuni Investment and Contracting Company, Alfanar Group, Cisco, Ericsson, and Riyadh Cables Group Company.
Last year, the Public Investment Fund launched the Private Sector Forum as a comprehensive site for private sector companies to deal with the Fund and its portfolio companies in priority sectors.
The platform provided over 200 opportunities last year, with a value exceeding $5.3 billion.
The Fund established the National Development Division to enhance the participation of the private sector in its projects and portfolio companies.
Since 2017, the Fund has established 93 companies and created more than 644,000 direct and indirect jobs in various promising strategic sectors.
The Forum is the largest event of its kind for the private sector in the Kingdom and is attended by more than 8,000 participants.
The first day's sessions witnessed the presence of several ministers, senior officials, government agencies, and 80 representatives of the Fund's portfolio companies, with more than 100 pavilions.

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Business

Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
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Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin

Russia has extended the temporary ban on gasoline and fuel exports, including producers and intermediaries, until the end of next February, the Russian news agency Interfax said, citing a government website.

“The new decree extended the temporary ban on the export of gasoline outside the country until February 28, 2026, inclusive. It will be valid for all exporters, including direct producers,” the website wrote.

The decree also extends the ban on the export of marine fuel, vacuum gas oil and other types of gas oils, including volumes purchased at exchange auctions, until 28 February 2026. In this case, the restriction will not apply to direct producers of petroleum products.

Russia introduced the measures at the end of August due to the exacerbation of the fuel crisis.

Several major refineries were attacked by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries.

Prices for gasoline, which are tightly monitored by authorities, were up 10.2%, above general inflation, since the start of the year, with the spike in part attributed to a step up in Ukrainian attacks on Russian refineries.

Last October, US President Donald Trump mentioned “long lines waiting for gasoline” and said the Russian “economy is going to collapse.”

Trump said his Russian counterpart Vladimir Putin should settle the war in Ukraine which was making Russia look bad.

Asked about Trump's remarks at an energy conference in Moscow, Deputy Prime Minister Alexander Novak, who oversees energy and the economy for the government, said that Russia had a stable supply of gasoline.

“We have a stable domestic market supply, we see no problems in this regard,” Novak said.

“The balance is maintained between production and consumption, and we, on the part of the government and the relevant ministries, are doing everything to ensure that this remains the case.”

Russia's seaborne oil product exports fell 17.1% in September from August to 7.58 million metric tons due to less fuel production as various refineries were impacted by drone attacks, data from industry sources and Reuters calculations showed.

The economy is slowing sharply this year and the government forecasts gross domestic product (GDP) growth of 1.0% after 4.3% growth in 2024 and 4.1% growth in 2023, though the International Monetary Fund has downgraded its 2025 forecast to 0.6% from 0.9%.

Business

Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
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Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo

Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial center, innovation hub and trade center to maintain the momentum.

In February, Chan had forecast growth of between 2% and 3%.

Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalization ⁠of China's yuan currency, Chan said in a blog post.

The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, Reuters quoted him as saying.

"Looking into ⁠next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy."

Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index up 30%.

Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said.

To ⁠bolster its status as a financial center, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said.

In terms of innovation, Hong Kong will develop AI into a "core industry,” as the technology will define economies' competitiveness and reshape the global economic landscape, he said.

The city is also establishing a center for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said.

Business

China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.