Saudi Arabia’s Public Investment Fund, the kingdom’s $925 billion sovereign wealth fund, is set to unveil its new five-year strategy for 2026-2030 this week. The revised roadmap signals a significant recalibration of the nation’s Vision 2030 economic transformation plan, shifting focus from capital-intensive real estate projects to developing key growth sectors.
A Strategic Shift Towards Tech And Industry
According to sources familiar with the matter, the PIF soft-launched its new strategy with key investors and strategic partners on the sidelines of a conference in Riyadh. The new blueprint will reportedly prioritise the development of industry, minerals, artificial intelligence, and tourism.
This move marks a pivot away from some of the giga-projects that have defined the early stages of Vision 2030. The new plan involves scaling back and, in some cases, reconfiguring expensive developments such as The Line, the futuristic 170km-long mirrored city. This strategic adjustment follows delays and rising costs associated with several large-scale projects, including the recently suspended cube-shaped skyscraper planned for Riyadh.
Recalibrating Vision 2030 Amid Fiscal Pressures
The recalibration is seen as the most significant adjustment to Crown Prince Mohammed bin Salman’s economic agenda to date. It reflects a growing emphasis on attracting foreign capital to the kingdom from major global asset managers.
This shift comes as mounting fiscal pressures and oil prices below the levels needed to fund the ambitious transformation agenda necessitate a more diversified and capital-efficient approach. By focusing on sectors like AI and industry, the PIF aims to build sustainable economic engines while managing the financial demands of its long-term vision.
About Public Investment Fund (PIF)
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia and one of the largest in the world. As the main engine of economic diversification in the Kingdom, the PIF is mandated to drive strategic and sustainable investments to contribute to the goals of Saudi Vision 2030. The fund invests in a wide range of sectors both domestically and internationally, including technology, entertainment, real estate, and renewable energy.
Source: Gulf Business
