Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), will “exponentially” expand its activity in the United States to access advanced technology and accelerate the kingdom’s economic diversification goals under Vision 2030.
The announcement was made by Fahad Alsaif, PIF’s head of investment strategy and economic insights, at the America Business Forum in Miami. Since the launch of Vision 2030, the fund has already deployed over $170 billion in direct investments into US markets and facilitated $80 billion in procurement.
“I think both of those numbers are going to exponentially go higher,” Alsaif stated, emphasizing Saudi Arabia’s strategic intent to tap into American know-how and talent in technology development.
A New Phase for Vision 2030
According to Alsaif, the sovereign investor is transitioning to the next phase of Vision 2030. This involves a strategic shift from focusing on 13 individual sectors to concentrating on six larger integrated areas, or “ecosystems,” which include broader hospitality and leisure, advanced manufacturing, and sustainable energy.
This new framework is designed to create deeper and more interconnected opportunities within the Saudi economy.
“We believe that there are tremendous opportunities for US companies [and] US investors to come and tap into this economic system that will become part of the global economic architecture,” Alsaif said.
He also highlighted the strong existing ties, noting, “We [have] a stable, friendly, strategic alliance that has been built over the years, we are very much connected to the financial system of the US.”
A Strategic Alliance in Tech and AI
The Saudi ambassador to Washington, Princess Reema Bandar Al-Saud, echoed this sentiment at the forum, describing the bilateral relationship with the US as the “strongest it’s ever been.” She emphasized that the partnership has evolved beyond energy to encompass technology, innovation, and business.
“In AI, what we’re looking for is collaboration,” she said. “We would like to be the extension of the United States’ ecosystem.”
The ambassador positioned Saudi Arabia as a key partner for the US in the global AI race, citing the kingdom’s competitive advantages in affordable land and energy.
Attracting Global Entrepreneurs
The kingdom’s ambitious transformation is already drawing interest from prominent international business figures. Adam Neumann, the American-Israeli businessman behind residential developer Flow and former head of WeWork, expressed strong optimism about operating in Saudi Arabia.
Neumann revealed at the event that he had opened his sixth multi-apartment property in Riyadh, describing the Gulf state as particularly appealing due to its eagerness to do business, rapid economic transformation, and large youth population.
“We went and visited and the culture was thriving, open and exciting,” Neumann said. “We’re starting in Saudi [and] soon to go to other places” in the Middle East and North Africa.
About The Public Investment Fund
The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of over $925 billion. It was established in 1971 and is a key driver of Saudi Arabia’s Vision 2030, which aims to diversify the kingdom’s economy away from its dependence on oil.
Source: AGBI
