Chaired by Saudi Crown Prince, PIF Board of Directors Approves PIF 2026-2030 Strategy

Saudi Crown Prince Mohammed bin Salman - SPA
Saudi Crown Prince Mohammed bin Salman - SPA
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Chaired by Saudi Crown Prince, PIF Board of Directors Approves PIF 2026-2030 Strategy

Saudi Crown Prince Mohammed bin Salman - SPA
Saudi Crown Prince Mohammed bin Salman - SPA

The Public Investment Fund (PIF) Board of Directors, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has approved PIF’s 2026-2030 strategy, a continuation of the fund’s long-term strategy that will focus on delivering competitive domestic ecosystems to connect sectors, unlock the full potential of strategic assets, maximize long-term returns, and continue to drive the economic transformation of Saudi Arabia and further enhance the quality of life of its citizens.

The 2026-2030 strategy marks a natural evolution as PIF moves from a period of rapid growth and acceleration to a new phase of sustained value creation, with a strengthened focus on maximizing impact, raising the efficiency of investments, and applying the highest standards of governance, transparency and institutional excellence. In addition, PIF will further enable the role of the private sector as an effective partner for sustainable economic development, according to SPA.

Under the 2026-2030 strategy, PIF has structured its investments into three portfolios. The Vision Portfolio aims to leverage synergies across strategic sectors, maximize value for PIF portfolio companies, and continue to drive the growth of the local economy. It will contribute to national priorities through the delivery of six competitive domestic ecosystems and by further integrating PIF’s investments. The Vision Portfolio will unlock new opportunities for the domestic private sector as an investor, partner, and supplier, to further enable its role as an effective partner for sustainable economic development, while also attracting global partners and investors.

The six ecosystems include: Tourism, Travel, and Entertainment; Urban Development and Livability; Advanced Manufacturing and Innovation; Industrials and Logistics; Clean Energy, Water, and Renewables Infrastructure; and NEOM.

The Strategic Portfolio will actively manage key strategic assets to maximize financial returns and the economic impact of PIF’s companies, while supporting their efforts to attract capital and become global champions. Through the Strategic Portfolio, PIF will also continue to invest in opportunities arising from long-term global trends.

The Financial Portfolio will focus on delivering sustainable financial returns to further strengthen PIF’s financial position and continue to grow national wealth for future generations. It will manage PIF’s direct and indirect investments in global markets to maximize returns, while building a more diversified and resilient portfolio. It will further strengthen strategic international partnerships to help attract capital and increase access to global investment opportunities.

PIF Governor Yasir Al-Rumayyan said: "PIF’s strategy continues to deliver results as we grow domestically and internationally. In less than a decade, we have launched unprecedented projects, including giga-projects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy. PIF also grew assets under management six-fold and attracted global partners and capital to take part in Saudi Arabia’s transformation."

He added that PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-2025 strategy.

"The 2026-2030 strategy is a natural next step in PIF’s growth journey. It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF. In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia," Al-Rumayyan said.

PIF will continue to invest with agility in both local and international markets and maintain its ability to respond to emerging opportunities that benefit the local economy and impact an ever-shifting global economy. It will maintain a disciplined focus on value realization, sustainable returns, enhanced capital efficiency and the highest institutional standards, as it drives innovation and advanced utilization of data and artificial intelligence.

PIF’s 2026-2030 strategy provides a clear strategic direction for the coming decades. It also strengthens PIF’s position as a local and global investor, with a diversified and resilient portfolio that contributes to Saudi Arabia’s long-term economic prosperity. PIF’s unique mandate will remain the same: to drive the economic transformation of Saudi Arabia and generate sustainable financial returns.

The strategy builds on the substantial progress and achievements delivered by PIF under its previous strategies, including increasing grown assets under management from $150 billion in 2015 to more than $900 billion; achieving an annualized total shareholder return of over 7% since 2017; investing more than $199 billion in new projects in Saudi Arabia from 2021 to 2025; contributing more than $243 billion to real non-oil GDP from 2021 to 2024, equivalent to around 10% of Saudi Arabia’s total non-oil GDP in 2024; spending together with its portfolio companies more than $157 billion with the local private sector from 2021 to 2024; expanding PIF’s global presence in priority markets with subsidiary company offices in North America, Europe, and Asia to deepen PIF’s ties in international markets and continue to invest in sectors, industries, and companies shaping the future of the global economy; and being one of the few sovereign wealth funds with strong credit ratings from each of the world’s top three rating agencies. Moody’s rated PIF Aa3 with a stable outlook, while Fitch rated PIF A+, also with a stable outlook



Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

General view of part of Cairo (Reuters)
General view of part of Cairo (Reuters)
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Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

General view of part of Cairo (Reuters)
General view of part of Cairo (Reuters)

Egypt has revamped its export tax regime for nitrogen fertilizers, replacing a fixed export tax with a 10% ad valorem duty on all nitrogenous fertilizer exports, while exempting high-purity ammonium nitrate, according to a decision published in the Official Gazette on Thursday.

The duty, calculated on the FOB invoice value, does not apply to pure ammonium nitrate with a nitrogen concentration exceeding 34.2%, or to shipments destined for productive enterprises in Egypt's free zones, Reuters reported.

The World Bank warned in its April Commodity Markets Outlook that global fertilizer prices could rise by more than 30% in 2026 due to conflict-related disruptions in the Middle East and logistical risks around the Strait of Hormuz.

The new decree replaces a flat $90-per-metric-ton tax introduced in May, tying the levy more directly to prevailing export prices, which have fallen since peaking in mid-April.
Egypt is the world's seventh-largest exporter of nitrogen fertilizers, according to LSEG data.


Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
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Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP

Gold fell for a third straight session on Thursday, lingering near a more than seven-month low it had reached in the previous session, as expectations of US rate hikes lifted the dollar and weighed on the precious metal.

Spot gold fell 0.5% to $3,982.49 an ounce by 1054 GMT. US gold futures for August delivery edged 0.3% lower to $3,997.60 per oz.

The US dollar hit its strongest level in more than 13 months on Thursday, making greenback priced-metals more expensive for other currency holders. Markets currently see a 66% chance that the US Federal Reserve will hike rates in September, CME FedWatch data showed, Reuters reported.

"The Fed's hawkish shift, which has led to a repricing of rate hike expectations, remains the dominant driver of gold's weakness," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com. ETF outflows and the rotation into equities driven by the AI boom are definitely factors weighing on the precious metal, said Tzabouras, noting that these forces tend to be cyclical and do not subtract from the broader structural case for gold.

Bullion has declined more than 6% since Fed's meeting last week and dipped below the $4,000 level on Wednesday for the first time since November 2025. Prices were down over 28% from its record high of $5,594.82 reached on January 29.

Investors now await the US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, due at 1230 GMT, forI further cues on monetary policy.


Oil Falls to Pre-war Levels on Rising Middle East Supply

A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
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Oil Falls to Pre-war Levels on Rising Middle East Supply

A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)

Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns.

Prompt-month Brent crude futures for August delivery were down 51 cents, or 0.7%, to $73.23 a barrel by 1201 GMT, while US West Texas Intermediate lost 53 cents, or 0.8%, to $69.81 a barrel.

Both contracts hit their lowest since February 27, Reuters reported.

August Brent was trading lower than September, which was priced at $73.50, signalling ample short-term supply.

US Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the last 24 hours.

A return to complete normalcy would take a few weeks, however, because the strait needs to be demined, he added.

"Most of the increase in flows from the Gulf is outbound —ships exiting the Strait," UBS analyst Giovanni Staunovo said.

However, a significant increase in inbound flows requires shipping confidence to return, including safety assurances and mine clearance to allow insurance premiums to normalise, Staunovo said.

Rising Middle Eastern supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world.

Goldman Sachs said it does not expect a large pick-up in Iranian production, even if sanctions relief extends beyond the August 21 expiry.

On the demand side, China is likely to remain the main buyer of Iranian crude, as EU and UK sanctions on Iranian oil and vessels remain in place, the bank added.

An accord agreed last week to end the US-Israeli war, which began on February 28, has allowed the resumption of traffic through the strait.

It set up a 60-day period of negotiations to tackle tougher issues, such as Iran's nuclear program. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.

UBS lowered its Brent price forecasts to $85 per barrel for end-September and end-December, and $80 per barrel for end-March and end-June 2027.