Public Investment Fund
He explained that the Fund was established in 1971 with a developmental vision aimed at supporting the building of the national economy and promoting sustainable development, as it focused in its beginnings on contributing to the establishment of major companies such as SABIC and Saudi Railways, in addition to supporting the banking sector and providing loans for industrial projects that contributed to promoting economic growth in that period.Rumayyan pointed out that the Fund was established in 1971 with a developmental vision aimed at supporting the building of the national economy and promoting sustainable development. Al-Rumayyan pointed out that 2015 was a major turning point in the Fund's journey, as His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud adopted a development vision aimed at transforming the Fund into a major economic engine for the Kingdom. At that time, the value of the Fund's assets was estimated at about 150 billion dollars, while today it is almost three times that figure, with the Fund approaching its goal of reaching one trillion dollars of assets by the end of this year.
Rumayyan pointed out that the Fund's transformation is a major milestone for the Kingdom. <He said that this transformation required rebuilding the Fund's institutional structure by attracting competencies, developing systems and procedures and strengthening governance, in addition to studying and analyzing the best global practices of sovereign funds to determine the Fund's position and its role in the global economy and noted that these steps contributed to the Fund's launch towards continuous development.
Number of PIF employees
In 2015, the number of PIF employees was less than 40, but today it exceeds 3,000, reflecting a major transformation in the Fund's structure and capabilities This major expansion coincided with the opening of PIF offices in global cities such as New York, London, Paris, Beijing and Shanghai, as well as regional offices in Egypt, Jordan, Oman and Bahrain.
Rumayyan emphasized that the number of employees of the Public Investment Fund exceeds 3,000. <Al-Rumayyan emphasized that the Fund's work culture was directly influenced by the vision of His Highness the Crown Prince and his approach to rapid achievement and high efficiency, which has become a general approach in all governmental and executive sectors. He also pointed out that the Fund is currently working on completing its new strategy for the period from 2026 to 2030, which aims to enhance the Fund's investment role and increase the diversification of its assets by 2040, thus strengthening its position as one of the main drivers to achieve the objectives of the Kingdom's Vision 2030.
He added that the real phase of the Fund's work has been directly influenced by the vision of His Highness the Crown Prince and his approach to rapid achievement and high efficiency. <He added that the real phase of building within the Fund began after its restructuring to suit the strategic objectives it seeks to achieve, pointing out that the Fund's first strategy launched in 2017 was aimed at stimulating the then underutilized economic sectors. He emphasized that the Fund has identified 10 key sectors within its strategy, and that the first phase of this strategy extended until the end of 2020, with the next phase starting from 2021 until the end of this year.
In the end of his speech, he stressed that the Fund's strategy began after restructuring to suit the strategic objectives it seeks to achieve. In conclusion, Al-Rumayyan stressed that defining the goals of the Kingdom's Vision 2030 was not an individual effort, but came as a result of joint cooperation between various ministries, government and private institutions, which worked together to set clear goals to achieve them by 2030.
