The Saudi Public Investment Fund’s (PIF) strategy focuses on achieving economic impact through operable sectors, said Abdullah Alsalem, PIF’s head of strategy and planning. He added that financial and economic impact analyses are currently being conducted in the Kingdom.
“Sectors are generally viewed from a financial point of view, and in particular from an economic point of view, (and we study) the addition that the sectors provide for the benefit of the Saudi economy,” Alsalem told Asharq Al-Awsat.
Mentioning the military industries sector, which is not growing significantly on a global scale but is vital to Saudi Arabia, Alsalem said: “It is one of the priorities of PIF’s strategy.”
Speaking about balancing between the economic impact and returns, he said: “If investment seeks development, it will achieve economic effects.”
“For example, when establishing a new company and owning contracts with local companies to build factories, this will lead to building jobs and increasing the domestic product, and that is where the impact of internal investments in the Kingdom rests,” explained Alsalem.
The PIF official further asserted that the Saudi private sector is a major PIF partner in developing the Kingdom’s economy.
“PIF sees the private sector as a strategic and important partner,” said Alsalem.
Moreover, Alsalem pointed to PIF having many projects nationwide in Saudi Arabia. These projects are also diverse.
“We have projects in real estate, information technology, and other sectors.”
“Last year, many contracts were announced with the private sector in several of PIF’s projects, such as the Red Sea project, Qiddiya, and other projects.”
Alsalem explained that many financial sector workers had doubted PIF’s ability to reach its goals, saying they were difficult to achieve and presented a significant challenge.
“Without ambitions and targets, there will be no hope, and without hope and dedication, you will not achieve anything, and therefore we were able to reach the targets,” affirmed Alsalem.
