Investments in Saudi Arabia Double Since Launch of Vision 2030

PIF Governor Yasir Al-Rumayyan in the opening remarks of the PIF Private Sector Forum 2025 (Asharq Al-Awsat)
PIF Governor Yasir Al-Rumayyan in the opening remarks of the PIF Private Sector Forum 2025 (Asharq Al-Awsat)
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Investments in Saudi Arabia Double Since Launch of Vision 2030

PIF Governor Yasir Al-Rumayyan in the opening remarks of the PIF Private Sector Forum 2025 (Asharq Al-Awsat)
PIF Governor Yasir Al-Rumayyan in the opening remarks of the PIF Private Sector Forum 2025 (Asharq Al-Awsat)

Saudi Arabia has successfully doubled its investment volume since the launch of Vision 2030 in 2016, reaching SAR1.2 trillion ($320 billion) by the end of last year, while the Kingdom’s economy has grown to SAR4 trillion.

These figures were revealed by the government at the opening of the third edition of the Public Investment Fund’s (PIF) Private Sector Forum, accompanied by an exhibition in Riyadh, attended by a large number of ministers, officials, and leaders from major companies and institutions.

PIF’s private sector hub offers investment opportunities worth SAR40 billion ($10.7 billion), the fund’s Governor has said.

The total spending on local content through the PIF and its portfolio companies reached SAR 400 billion between 2020 and 2023, supported by the Musahama program, Yasir Al-Rumayyan said in the opening remarks of the PIF Private Sector Forum 2025.

He said that the share of local content in the PIF and its portfolio entities increased from 47% to 53% from 2020 to 2023, adding that the fund is working to improve this percentage in the coming years.

The PIF works to provide growth opportunities for the private sector, stimulate its capacity for innovation, and strengthen its role in the economy, Al-Rumayyan said.

“The Private Sector Forum is a platform to enhance opportunities for collaboration and partnership between PIF and its portfolio companies with the local private sector,” said Jerry Todd, head of National Development at PIF.

“In its third edition, the forum continues to grow in size, scope and ambition, reflecting PIF’s efforts to enhance engagement with the private sector, empower it and increase its contribution to a more diversified economy with local supply chains supported by advanced technology.”

The forum will showcase PIF’S initiatives and programs aimed at enhancing partnership with the private sector, including the Local Content Development Program, Musahama, which was launched by PIF in the first edition of the forum.

The program aims to increase the contribution of the Fund and its portfolio companies to local content. As a result of Musahama, the value of local content grew from SAR69 billion in 2020 to SAR153 billion in 2023, a 122% increase.

Saudi Minister of Investment Eng. Khalid Al-Falih announced that the number of global companies establishing their regional headquarters in Saudi Arabia has risen to nearly 600.

Al-Falih announced this while attending a panel discussion titled “Ministerial perspective on the role of the government to enable the private sector,” held as part of the third edition of the PIF Private Sector Forum in Riyadh on Wednesday.

The minister noted that the number of registered investment licenses surged from 4,000 in 2018 and 2019 to 40,000 currently, while total investments have doubled to SAR1.2 trillion, accounting for 30% of the Saudi economy.

Al-Falih said that economic reforms under Saudi Vision 2030 have enhanced the competitiveness of the local market and attracted major international companies, with the rapid growth in foreign direct investment flows reflecting investor confidence in Saudi Arabia’s economy and stability.

He elaborated on the private sector's role in driving national economic growth since the launch of Saudi Vision 2030 and highlighted significant progress in the investment environment.

The minister emphasized the notable diversification of Saudi Arabia’s economy, where non-oil economic activities now account for 52% of total GDP.



Dollar Rises ahead of Fed; Turkish Lira Drop Reins in G10 Currencies

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
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Dollar Rises ahead of Fed; Turkish Lira Drop Reins in G10 Currencies

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo

The dollar rallied on Wednesday ahead of the Federal Reserve's decision on interest rates, but retreated from the day's highs after markets stabilized from an early shock caused by the detention

of Turkish President Tayyip Erdogan's main rival.

Traders are also digesting the Bank of Japan's earlier decision to hold interest rates steady, while the Fed's policy decision later will be crucial for investors eager to know what the central bank makes of Trump's policies and their impact on the US economy, and how that affects the rate outlook.

Fed policymakers are widely expected to keep rates on hold, and will also release new economic projections at the conclusion of the meeting later in the day, Reuters reported.

Feeding into an earlier rally in the dollar was news out of Turkey which saw the lira briefly tumble by the most in a day on record, rippling through major currencies as investors shifted into safe-haven assets.

By 1226 GMT, the euro was down 0.3% versus the dollar to $1.091, having fallen as much as 0.6% earlier. Even so, it remains near a five-month high of $1.0955 scaled in the previous session.

"The news from Turkey is having an impact on G10 currency markets and risk appetite in general," said Jane Foley, head of FX strategy at Rabobank.

"But I would think some of the initial impact of what's happened will begin to filter out from some of the euro trade once the market has become a bit more accustomed to it."

The yen weakened against the dollar, which rose 0.3% to 149.805 in volatile trade as investors mulled the BOJ decision to hold rates steady and comments from Governor Kazuo Ueda .

The widely expected BOJ decision underscored policymakers' preference to spend more time gauging how mounting global economic risks from higher US tariffs could affect Japan's fragile recovery.

"The decision to leave monetary policy unchanged itself is not a surprise, so its impact on exchange rates is limited. However, the earlier-than-usual timing of the announcement seems to have led financial markets to initially interpret that the BOJ (did not consider) bringing forward a rate hike," said Hirofumi Suzuki, chief FX strategist at SMBC.

Adding to nervousness among investors, Israeli airstrikes pounded Gaza overnight, while US President Donald Trump and Russian President Vladimir Putin failed to reach an agreement on a Ukraine ceasefire.

The more risk-sensitive currencies edged lower, with sterling down 0.2% at $1.29795, not far from the previous session's four-month high of $1.3010, while the Australian and New Zealand dollars fell 0.4% and 0.5%, respectively.

Against a basket of currencies, the dollar ticked up 0.2% to 103.55, coming off a five-month low of 103.19 on Tuesday.

The dollar has fallen nearly 4% for the month, pressured by Trump's erratic approach to tariffs and as fears mount of a recession in the world's largest economy.

Traders are currently pricing in nearly 60 basis points of Fed rate cuts by the year end.

"The March FOMC meeting will likely be all about policy uncertainty. The Fed will almost certainly stay on hold, emphasising patience over panic," said analysts at Bank of America Securities.

"The (Summary of Economic Projections) forecasts and distribution of risks are both likely to reflect stagflation: weaker growth and higher inflation."