عربي English Türkçe اردو فارسى
Logo
Latest News
Interviews

PIF Deputy Governor: We Aim to Focus on 13 Vital Sectors

Saudi Arabia’s Public Investment Fund (PIF) Deputy Governor Yazeed Al-Hamid, Asharq Al-Awsat
Saudi Arabia’s Public Investment Fund (PIF) Deputy Governor Yazeed Al-Hamid, Asharq Al-Awsat
TT
TT

PIF Deputy Governor: We Aim to Focus on 13 Vital Sectors

Saudi Arabia’s Public Investment Fund (PIF) Deputy Governor Yazeed Al-Hamid, Asharq Al-Awsat
Saudi Arabia’s Public Investment Fund (PIF) Deputy Governor Yazeed Al-Hamid, Asharq Al-Awsat

Saudi Arabia’s Public Investment Fund (PIF) is looking to find sustainable sources of income in the future, revealed Deputy Governor Yazeed Alhumied.

He said the sovereign wealth fund is seeking to serve as an effective investment tool for Saudi Arabia to diversify sources of income.

“PIF is an effective tool for enhancing Saudi Arabia’s efforts to diversify sources of income away from oil. It works to invest in feasible projects that contribute to finding sustainable sources of income in the future,” Alhumied told Asharq Al-Awsat.

“Over the past years, PIF has been able to achieve a positive impact on the local economy and maximize sustainable returns.”

“The fund doubled the size of its assets under management to currently reach more than SR1.8 trillion ($480 billion),” confirmed Alhumied.

Between 2017 and the end of the second quarter of 2021, PIF has helped launch ten new sectors. This resulted in the creation of more than 400,000 direct and indirect jobs.

Alhumied said that PIF’s selection of 13 priority sectors for investment follows specific criteria that included an evaluation based on global and local perspectives and analysis of market attractiveness and size, expected growth, and available opportunities.

“PIF has an important catalytic and integrative role by investing in new sectors that attract the private sector to develop them.”

“Over the next five years, PIF aims to focus on 13 vital and strategic local sectors,” revealed Alhumied.

According to the deputy governor, those sectors include aviation and defense, financial services, healthcare, food and agriculture, consumer and retail goods, real estate, entertainment, tourism and sports, transport and logistics, communications, media and technology, service facilities, and renewable energy.

Alhumied clarified that the evaluation of Saudi sectors prompts competitiveness on a regional and global scale. It also covers the sectors’ impact on the Saudi economy and helps in prioritizing sectors according to the national plan for transformation, Vision 2030.

PIF’s ambitious strategy, through which it launched promising sectors, contributes to empowering the private sector, affirmed Alhumied.

“PIF is very keen to contribute to the economic development in the Kingdom by activating and developing vital and promising sectors that contribute to empowering and strengthening the participation of the private sector,” he said.

“Indeed, it is one of the important elements of PIF’s business model, as it evaluates the impact of its investment initiatives on the private sector in a comprehensive and accurate manner,” he added.

The strategy creates many opportunities for the participation of the private sector as an investor and partner in PIF’s investments and as a supplier to its subsidiaries.

“PIF aims to increase the contribution to local content to 60%. This will have a direct impact on empowering the local private sector and creating jobs,” said Alhumied.

Alhumied stressed that PIF’s capital rotation program has numerable benefits.

“The process of capital rotation is an important and essential factor in developing the Saudi financial sector and attracting new investors,” he said.

“It is one of the most important objectives of PIF, which plays a major role in developing the Saudi financial market and increasing the participation of the private sector by creating an attractive investment environment for investors.”

Besides selling stakes in companies owned by PIF, the program reinvests proceeds in strategic sectors with an economic stimulus effect.

PIF is constantly working on evaluating its assets and establishing companies. Moreover, the fund also seeks to acquire assets, develop them, and subsequently sell them as mature investments.

“PIF has made significant strides in achieving many ambitious investments in its capacity as the main investment arm of Saudi Arabia,” noted Alhumied, adding that the fund’s strategy in the coming years will focus on launching several sectors and initiatives that contribute to achieving the Kingdom’s Vision 2030.

Most Viewed

 
 
Interviews

UN Deputy Special Coordinator to Asharq Al-Awsat: Humanitarian Situation in Lebanon is ‘Catastrophic’

Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
TT
TT

UN Deputy Special Coordinator to Asharq Al-Awsat: Humanitarian Situation in Lebanon is ‘Catastrophic’

Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)

One of the UN’s top humanitarian officials in Lebanon, Imran Riza, has warned that the situation will worsen if the conflict continues, calling for an immediate ceasefire between Israel and Hezbollah.

He stressed that the ongoing war is placing immense strain on both the UN and the Lebanese government, as over a million people have been displaced. He said current needs exceed $400 million, but only 12% of that amount has been raised so far.

Worsening Crisis

Riza, who is the UN Deputy Special Coordinator for Lebanon, UN Resident, and Humanitarian Coordinator for Lebanon, spoke to Asharq Al-Awsat. He described the past two weeks as “catastrophic” for civilians, with the crisis growing over the last year.

More than 600,000 people have been displaced and over a million affected, with 300,000 crossing the border, according to Riza.

Many of these people have been displaced more than once in search of safety. Riza emphasized that the war has severely impacted civilians, with more than a quarter of Lebanon's population affected.

The UN has been working to address the crisis, but Riza said resources are limited.

He stressed that the UN has been saying all year that it doesn’t have enough funds, even when there were only 110,000 displaced people.

Last week, the UN launched a $426 million appeal for urgent humanitarian aid, with 12% of the funding already secured.

Riza said more support is expected, with donor countries pledging additional help.

He also expressed gratitude for contributions from the Gulf Cooperation Council (GCC), which provided medical and relief supplies, and said the UN hopes to see more international assistance soon.

Working with the Government

The UN is working closely with the Lebanese government every day to provide shelter, food, healthcare, and water to those in need.

Cooperation with the government has been excellent, said Riza.

However, he acknowledged that the government’s capacity is weakened after five years of ongoing crises, which have also severely impacted the population.

People are less resilient than they were during the 2006 war, and the government and its institutions are weaker, affirmed Riza.

The UN is helping the government respond effectively, ensuring transparency and accountability, so that aid reaches those who need it, he added.

The UN is also collaborating with local and international NGOs that have gained experience from Lebanon’s recent crises, helping to ensure a more effective response. Shelters are also being monitored to prevent any abuse.

A Different Reality from 2006

The current situation in Lebanon is very different from the 2006 war. Politically, the country now has a caretaker government and no president, with much less international presence.

Back then, other countries were more involved, said Riza.

The 2006 war lasted only 33 days, but this conflict has dragged on for a year, he noted.

During recent visits to southern border areas, Riza said locals were asking when the war would end, as the situation has worsened significantly in the past two weeks.

Riza noted that, in the first week of the crisis, it was extremely difficult to respond, and even now, many displaced people remain without shelter.

The UN is working with the government to provide shelter, food, and healthcare, but it’s not easy, he noted.

Displacement Crisis

With winter approaching, Riza stressed the need to properly house displaced people, saying that people can’t be left without shelter.

There are also concerns over a lack of housing, clean water, and sanitation, as well as the risk of disease outbreaks. Despite these challenges, Riza praised the close cooperation between the UN, international organizations, and partners.

Many agencies are responding, he asserted.

Riza rejected any claims of discrimination between displaced groups, noting that both Lebanese and Syrians are currently staying in UNRWA schools. He added that talks with the government about sheltering displaced Syrians have been positive.

Riza also expressed concern about the school year and children’s education.

Prolonged Conflict

The United Nations sees no immediate solution to the humanitarian and military crisis in Lebanon, with Riza stressing that the solution must be political and diplomatic, but first, a ceasefire is needed.

While there is little optimism for an end to the conflict, Riza said, the UN is encouraged by the support from its partners, which helps the organization assist the displaced.

He mentioned the recent evacuation of 1,000 people from Ain Ebel and aid distribution in Tyre, emphasizing the need to ensure that they reach those in need.

Riza called on all sides to respect international and humanitarian laws, allowing safe access for aid workers.

He condemned violations, including the deaths of firefighters, health workers, civil defense staff, and UN personnel, adding that the toll on civilian and health infrastructure is growing.