PIF Governor: Saudi Arabia Seeks to Become Global Hub for AI

Yasir Al-Rumayyan said the FII focuses on several key sectors, primarily sustainability, education, healthcare, artificial intelligence (AI), and robotics. SPA
Yasir Al-Rumayyan said the FII focuses on several key sectors, primarily sustainability, education, healthcare, artificial intelligence (AI), and robotics. SPA
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PIF Governor: Saudi Arabia Seeks to Become Global Hub for AI

Yasir Al-Rumayyan said the FII focuses on several key sectors, primarily sustainability, education, healthcare, artificial intelligence (AI), and robotics. SPA
Yasir Al-Rumayyan said the FII focuses on several key sectors, primarily sustainability, education, healthcare, artificial intelligence (AI), and robotics. SPA

Public Investment Fund (PIF) Governor, Chairman of the Future Investment Initiative (FII) Institute, and Chairman of Saudi Aramco’s Board of Directors Yasir Al-Rumayyan said that the FII focuses on several key sectors, primarily sustainability, education, healthcare, artificial intelligence (AI), and robotics.

He said it has invested in several companies operating in these sectors and established partnerships with research, academic and consulting institutions to support these goals.

Delivering a speech at the FII PRIORITY summit in Miami, Al-Rumayyan explained that the initiative will expand its global presence in the coming period by organizing events in Brazil and Kenya to enhance links and investment opportunities with markets in Latin America and Africa and discuss issues such as environmental protection and the transition towards renewable energy.

According to the Saudi Press Agency, he also addressed the PIF’s strategy, saying that more than 70% of its investments are local and directed towards the Kingdom's economy, while the public share of international investments has declined to less than 25%.

Al-Rumayyan also explained that PIF investments mainly target new sectors under its goal to make a long-term impact by being the economic driver of the transformation journey within the Saudi Vision 2030, which is distinguished from other international strategic plans by its success in achieving many of its goals before their set timelines.

“The fund invests between $40 billion to $50 billion annually and this will continue until 2025, and we look at our investments in the Kingdom with regard to their impact on the gross domestic product, job creation, and local content increase, and we are looking forward to increase local revenues generated from investments as per the framework to create sustainable impact on the Saudi economy and realize the targets of the Saudi Vision 2030,” he said.

On the fund's international investments, Al-Rumyyan said that their value continues to rise in terms of volume despite a decline in their percentage compared to local investments, pointing out that investments in the US market amount to 40% of the fund's total international investments in the form of investments or purchases, which amounted to more than $100 billion between 2017 and the end of 2023.

The PIF governor stressed that Saudi Arabia is well positioned to be a major global hub for AI and related industries, explaining that it has many competitive advantages to achieve this goal, including its leadership in clean energy resources, political will, funding capabilities, and human competencies.

The Aramco chairman also discussed the priority that the company gives to sustainability issues, saying that it is the most sustainable of all oil producers in the world, with the amount of carbon produced per barrel of oil not exceeding 25% of what other companies produce. He also said that Aramco has 12 research-and-development centers around the world to work on clean energy technology.

Aramco and the PIF are interested in blue hydrogen, SPA quoted him as saying.

He added that the Kingdom aims to provide 15% of blue hydrogen production globally and it pays special attention to green hydrogen while having clean energy resources that contribute to hydrogen production.

“The price per kilowatt-hour of solar energy in the Kingdom does not exceed 2 cents, making it the lowest in the world and giving the Kingdom a key competitive advantage,” he said.



Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.