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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)
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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.

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Business

WTO Reform Talks Face US-Indian Obstacles

Delegates applaud during the opening of the World Trade Organisation (WTO) 14th ministerial meeting in Yaounde, Cameroon, on 26th March, 2026.  (WTO/Handout via Reuters)
Delegates applaud during the opening of the World Trade Organisation (WTO) 14th ministerial meeting in Yaounde, Cameroon, on 26th March, 2026.  (WTO/Handout via Reuters)
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WTO Reform Talks Face US-Indian Obstacles

Delegates applaud during the opening of the World Trade Organisation (WTO) 14th ministerial meeting in Yaounde, Cameroon, on 26th March, 2026.  (WTO/Handout via Reuters)
Delegates applaud during the opening of the World Trade Organisation (WTO) 14th ministerial meeting in Yaounde, Cameroon, on 26th March, 2026.  (WTO/Handout via Reuters)

Large differences remain between most countries and the US and India as trade ministers meet to discuss reforms at the World Trade Organization, two diplomats told Reuters on Friday.

The ministers are meeting in Yaounde, Cameroon, as the organization faces a critical test to its future amid a year of tariff-fueled trade turmoil and major disruption to shipping, energy prices and supply chains due to the Middle East conflict.

“There is a real commitment among ministers to reach an agreement on reforms, but there is a big elephant in the room blocking: India and the US,” a senior diplomat told Reuters.

Another diplomat from an African country said India so far has not shown signs of a change in position. Some flexibility, however, might be possible, the person added. The diplomats declined to be named due to the sensitivity of the negotiations.

While the US and India acknowledge the need to reform the global trading system, they have resisted proposals of a substantive workplan on reforms.

“Unfortunately on reform I don't see much room for maneuver between ⁠the US and India's positions,” said the senior diplomat.

India has also opposed an agreement to aid investment into developing countries and the US desire to permanently extend an e-commerce moratorium on customs duties on electronic transmissions like digital downloads, which expires this month.

“The US, China, EU and UK positions are reasonable, but there is one party that we need to see compromise from to make progress - India,” said Chris Southworth, the Secretary General of the UK International Chamber of Commerce.

“I think frustration among members will start to spillover here in Yaounde if we see no progress,” he added.

India’s Position

India's Minister of Commerce and Industry Piyush Goyal has cast doubt on US efforts to extend the e-commerce moratorium, saying it warranted a “careful reconsideration.” India is concerned about a loss of tariff revenue.

US Trade Representative Jamieson Greer said on Thursday Washington ⁠was not interested in a temporary extension to the ban, only a permanent one.

Goyal has also challenged moves by the EU, US, Canada and others for a subset of members to take decisions plurilaterally, saying any outcome should be agreed by consensus.

That has cast a shadow over whether an Investment Facilitation for Development Agreement to encourage foreign direct investment in developing and least-developed countries can be incorporated into the WTO rule book in Yaounde.

Türkiye on Thursday lifted its opposition to it.

Goyal's position showed India wants to protect the WTO's core architecture, said Ajay Srivastava, founder of think ⁠tank Global Trade Research Initiative and a former Indian negotiator.

“Together, these risk turning the WTO from a rules-based body into one driven by power and selective coalitions,” he said.

There is also deadlock over one of New Delhi's key priorities: a permanent solution on public stock holding to allow developing countries to give subsidies to rice and wheat farmers through a price support mechanism.

Big agricultural exporters ⁠like the US, EU and Australia fear it would let countries like India build large stocks of foodstuffs and dispose surpluses, potentially distorting trade.

Randa Sengupta, a senior researcher at think tank, the Third World Network, said PSH was important for supporting farmers and enabling food security for poorer communities in India.

‘Constructive’ Talks

Still, a concrete reform workplan was within ⁠reach, Norway's Foreign Minister Espen Barth Eide told Reuters.

“People are beginning to engage in the real questions,” he said, pointing to talks on the WTO's Most Favored Nation principle to treat states equally, while allowing exceptions to national security.

Similarly, Britain's Business Secretary Peter Kyle said a text on reforms was emerging and that constructive talks were taking place to ensure broad agreement.

Caption: Delegates applaud during the opening of the World Trade Organisation (WTO) 14th ministerial meeting in Yaounde, Cameroon, on 26th March, 2026. (WTO/Handout via Reuters)

Business

European Central Bank Member: No Rush to Hike Interest Rates

A view shows the logo of the European Central Bank outside its headquarters in Frankfurt, Germany (Reuters)
A view shows the logo of the European Central Bank outside its headquarters in Frankfurt, Germany (Reuters)
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European Central Bank Member: No Rush to Hike Interest Rates

A view shows the logo of the European Central Bank outside its headquarters in Frankfurt, Germany (Reuters)
A view shows the logo of the European Central Bank outside its headquarters in Frankfurt, Germany (Reuters)

The European Central Bank should not rush to raise rates in response to surging energy costs, as its “baseline” outlook remains intact and there is no sign yet that inflation is becoming entrenched, Cypriot central bank chief Christodoulos Patsalides said.

With energy prices surging on the US-Israeli war with Iran, euro zone inflation is set to breach the ECB's 2% target as early as this month, prompting policymakers to debate whether to raise interest rates to head off second-round effects.

Patsalides, who sits on the ECB's rate-setting Governing Council, said he would not hesitate to raise rates if he saw evidence that inflation was getting entrenched in the 21-nation bloc, but ⁠added there was no such evidence yet, according to Reuters.

“We don't have sufficient information to make a decision as to whether this should be looked through or whether we should be making a decision on interest rates,” Patsalides said in an interview. “I would not rush into any decision.”

“I think we are still along the baseline,” Patsalides argued. “Only two weeks have passed since the cutoff date of the projections, and we haven’t seen anything that points to a change in either the duration or the intensity of the war.”

Markets now price in three ECB rate hikes this year, starting as ⁠early as April or June, but expectations are volatile and prone to sharp shifts as the war evolves.

Patsalides did not rule out an April move, arguing that the ECB can change rates at any meeting, but said this would require evidence that higher headline inflation is feeding into core prices rather than proving a one-off.

“I prefer to be more cautious,” he said. “Wisdom comes with more information. Wisdom is ⁠a function of necessary information. If you don't have the information, then what you have is gut feeling. And you shouldn't be making decisions on the basis of gut feeling.”

He added that longer-term inflation expectations, a key metric for the ECB in judging the duration of ⁠a shock, are anchored around the bank's 2% target.

Still, he acknowledged the risks are skewed towards higher inflation, warning that the lingering “memory effect” of the 2021-22 shock could lead households and firms to adjust price and wage expectations more quickly than ⁠in the past.

But he said that conditions are materially different now, with higher rates, a cooler labour market, tighter fiscal policy and limited pent-up demand.

The ECB's next policy meeting is on April 30 where there bank is likely to receive updated scenario analysis on its projections.

In a related development, a European Central Bank survey showed on Friday that Euro zone consumers were reducing their inflation expectations in the run-up to the US-Israeli war on Iran, before a surge in energy prices fundamentally changed the outlook.

Median expectations for inflation over the next 12 months and three years ahead both declined to 2.5% from 2.6% last month, while inflation expectations for five years ahead remained unchanged at 2.3%, the ECB's Consumer Expectations Survey showed.

However, 97% of the survey responses were collected before the war broke out on February 28, the ECB added.

The ECB has since then sharply raised its inflation projections on surging energy costs, and a raft of surveys now indicate souring consumer expectations and surging prices.

The ECB sees inflation peaking above 3% under its most benign scenario while its adverse and severe scenarios see sharply higher and longer price surges.

Business

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.