PIF's Airline to Launch First Flight in 2024

Public Investment Fund (PIF) Governor Yasir al-Rumayyan (Reuters)
Public Investment Fund (PIF) Governor Yasir al-Rumayyan (Reuters)
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PIF's Airline to Launch First Flight in 2024

Public Investment Fund (PIF) Governor Yasir al-Rumayyan (Reuters)
Public Investment Fund (PIF) Governor Yasir al-Rumayyan (Reuters)

Saudi Crown Prince Mohammad bin Salman has given orders to exploit global economic opportunities following the COVID-19, Public Investment Fund (PIF) Governor Yasir al-Rumayyan revealed.

Rumayyan said PIF made a 40 percent profit of about SAR35 billion from investments during the COVID-19 pandemic.

He announced that the new airline that the Fund recently announced will launch its first flight in 2024 from Riyadh to domestic and international destinations.

The Governor stated during an interview with the Thmanyah podcast that Saudi markets achieved a 34 percent growth compared to 18 percent for the US market this year.

The Fund invested more than $2 billion in Lucid Air, indicating that the company has grown in value close to $60.

The Governor said the Fund owns six investment portfolios, including local companies, developing and promising sectors, real estate and infrastructure projects, mega Saudi projects, and two portfolios for global investments.

He disclosed the plans to provide 1.8 million jobs during the next five years through the Fund's subsidiaries, indicating that the expansion of investment activity has increased with the job structure.

The number of employees exceeded 2,000 after having less than 40 staff members in 2015.

PIF's assets in 2015 reached $150 billion and jumped to $600 billion exceeding eight percent in revenues, equivalent to 50 billion dollars annually.

He stressed that the Fund expanded its global investments after 2015 to create two parallel investment portfolios in several sectors, such as stocks, infrastructure, and private funds.

As its first strategic investment, PIF also invested in Uber, specializing in participatory transport.

Locally, Rumayyan asserted that the PIF does not compete with the private sector but instead works to develop various industries and rescue troubled companies.

The Fund aims to invest in new and promising sectors in the Saudi market to achieve rewarding economic revenues, stating that $53.3 million will be spent annually in the local economy.

National Security Services Company (SAEF), owned by PIF, benefited from Aramco's security guards' experience training employees, becoming the most sought after by government and private clients.

The Governor noted that investing in cinema was aimed at opening the way for investors to pump money into this emerging sector, with six competing companies in the local market.

The Fund has considered entertainment and sports among its strategic sectors, Al-Rumayyan said, adding that investment in the electronic games sector will be one of the best choices in terms of returns.

He noted that the Fund invested in Newcastle Club, in particular, as it is the only one in England that represents an entire city of one million people, all of whom are fans of the club.

The Governor announced that the Fund hopes to raise the club's value from $300 million to $3.5 billion.



Trump Suggests Fed May Be Ready to Lower Interest Rates

US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
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Trump Suggests Fed May Be Ready to Lower Interest Rates

US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)
US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)

President Donald Trump said on Friday he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the US central bank might be ready to lower interest rates.

The two men met on Thursday when Trump made a rare visit to the US central bank to tour the ongoing renovation of two buildings at its headquarters in Washington.

The White House has criticized the cost of the project, and the president and Powell sparred over the issue during the visit.

Trump also took the opportunity to again publicly call on Powell to slash rates immediately.

"We had a very good meeting ... I think we had a very good meeting on interest rates," the president told reporters on Friday.

"He (Powell) said, 'Congratulations, the country is doing really well,' and I got that to mean that I think he's going to start recommending lower rates because of that conversation," Trump said.

The Fed is widely expected to leave its benchmark interest rate in the 4.25%-4.50% range at the conclusion of a two-day policy meeting next week. Powell has said the Fed should wait for more data before adjusting rates.

The visibly tense exchange between Trump and Powell at the Fed's massive construction site on Thursday marked an escalation of White House pressure on the central bank as well as Trump's efforts to get Powell to lower rates.

The US central bank said on Friday it was "grateful" for Trump's encouragement to complete the renovation of its buildings in Washington and that it "looked forward" to seeing the project through to completion.

Trump, who called Powell a "numbskull" earlier this week for failing to heed the White House's demand for a large reduction in borrowing costs, also said on Thursday he did not intend to fire the Fed chief, as he has frequently suggested he would.