PIF set to achieve goal of reaching $1tn in assets by year-end: Al-Rumayyan

PIF set to achieve goal of reaching $1tn in assets by year-end: Al-Rumayyan
Al-Rumayyan noted that the fund has launched more than 100 companies across a wide range of sectors to fill market gaps and drive economic diversification. Argaam
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PIF set to achieve goal of reaching $1tn in assets by year-end: Al-Rumayyan

PIF set to achieve goal of reaching $1tn in assets by year-end: Al-Rumayyan

RIYADH: Yasir Al-Rumayyan, governor of the Public Investment Fund, said the fund’s assets have tripled since 2015, adding the fund's goal is to reach $1 trillion by the end of this year, “and we are very close to achieving it.”

The PIF has been the cornerstone of Saudi Vision 2030, with its workforce expanding from around 40 employees in 2015 to about 4,000 today. The fund has also established offices in major global cities.

Al-Rumayyan noted that the fund has launched more than 100 companies across a wide range of sectors to fill market gaps and drive economic diversification.

He revealed that a new PIF strategy is expected to be announced soon, as it is currently in the final stages of approval. The strategy will focus on six key sectors — tourism, travel and entertainment, as well as urban development, advanced manufacturing and innovation, logistics, renewable energy, and NEOM. 

This focus, he said, will help the fund prioritize investments according to clear timelines, emphasizing: “We don’t want to approach all investments with the same level of priority.”

Al-Rumayyan also highlighted the PIF's success in revitalizing King Abdullah Economic City, part of the fund’s portfolio. He said the PIF increased its ownership from a minority to a majority stake, transforming the company — which had been largely inactive for nearly two decades — into a dynamic hub by attracting ports, companies, and automotive industries, among others.


and US strengthen strategic mining ties 

 and US strengthen strategic mining ties 
Updated 20 sec ago

and US strengthen strategic mining ties 

 and US strengthen strategic mining ties 

RIYADH: and the US reiterate deepening strategic cooperation in the mining and minerals sector, focusing on critical mineral supply chains, mineral processing, and advanced mining technologies. 

The outcome followed a bilateral meeting between Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and US Deputy Secretary of Energy James Danly, held during the ninth Future Investment Initiative conference in Riyadh, according to the Saudi Press Agency.

The discussions built on the memorandum of cooperation signed in May between the Saudi Ministry of Industry and Mineral Resources and the US Department of Energy.

Both sides emphasized the importance of supporting sustainable growth in the mining sector and addressing rising global demand for critical minerals.

The meeting reaffirmed the strong historical relations and strategic economic partnerships between the two countries, particularly in the mining industry. 

Alkhorayef and Danly discussed opportunities in mineral processing, rare earth elements, and mining technologies, while also calling for greater international collaboration in the sector.

They also highlighted the annual Future Minerals Forum hosted by as a key global platform for industry stakeholders to address challenges and promote innovative, sustainable solutions.

Alkhorayef invited Danly to attend the fifth edition of the Future Minerals Forum, scheduled to take place in Riyadh from Jan. 13 to 15, 2026


aims to double tourism’s GDP share to 10% by 2030

 aims to double tourism’s GDP share to 10% by 2030
Updated 6 min 49 sec ago

aims to double tourism’s GDP share to 10% by 2030

 aims to double tourism’s GDP share to 10% by 2030

RIYADH: is aiming to double the tourism contribution to the national economy from the current 5 percent to solidify its position as a leading global destination, according to the Minister of Tourism.

Speaking at a session titled “AI and the Future of Tourism” during the ninth Future Investment Initiative conference, Ahmed Al-Khateeb affirmed that the sector is a key pillar of Vision 2030, pivotal for diversifying the economy and creating jobs, the Saudi Press Agency reported.

“Tourism accounts for 18 percent of global GDP and 5 percent of the Kingdom’s GDP (Gross Domestic Product),” Al-Khateeb stated, according to SPA. “We aspire to double that figure within the next five years, which will represent 10 percent of total jobs.”

The minister highlighted the rapid evolution of the Kingdom’s tourism landscape, noting the emergence of new segments including entertainment, sports, culture, and conferences, events, and exhibitions.

He pointed to Riyadh as evidence of this growth, declaring it one of the world’s most active cities for hosting major events.

To support this expansion, the ministry has conducted in-depth studies of more than 66 countries, which represent 80 percent of the global tourism market. The goal is to ensure strong connectivity with key Saudi destinations like Riyadh, Jeddah, AlUla, and the Red Sea. 

Al-Khateeb stressed the critical importance of developing air connectivity, revealing that airlines are working to double the number of flights to meet rapidly increasing demand.

The minister also emphasized the Kingdom’s unique assets, which range from diverse natural landscapes — mountains, islands, and the Red Sea coast — to rich historical and cultural destinations like Diriyah, all complemented by authentic Saudi hospitality.

This strategic focus is yielding significant results. The minister revealed that the Kingdom welcomed over 30 million tourists in 2024, and aims to reach 50 million international tourists by 2030. 

He reaffirmed that the sector’s geographical and cultural diversity, which allows visitors to experience a wide range of attractions across its cities, makes it one of the largest contributors to job creation in the Saudi economy.


Saudi Local Content Authority targets 2k products on mandatory list in 2026 

Saudi Local Content Authority targets 2k products on mandatory list in 2026 
Updated 29 October 2025

Saudi Local Content Authority targets 2k products on mandatory list in 2026 

Saudi Local Content Authority targets 2k products on mandatory list in 2026 

RIYADH: The Saudi Local Content and Government Procurement Authority plans to expand its mandatory list of national products to 2,000 items next year, up from about 1,500 currently, according to its CEO Abdulrahman Al-Samari. 

Speaking to , Al-Samari said the expansion will focus on key sectors such as pharmaceuticals, food, and machinery, and depends on the growth of local industrial capabilities and their ability to meet government demand. 

Established in 2019, the authority aims to raise local content in government procurement and projects from about 30 percent to nearly 50 percent, while expanding the number of products on the mandatory list from just 100 national products at inception to 1,500 today.  

The mandatory list requires government entities to prioritize procurement from suppliers using locally produced goods, thereby promoting domestic industries and supply chains. 

Al-Samari noted that the authority has recently signed its first agreement in the cybersecurity sector with the National Information Technology Co. to localize products such as firewalls and data-leak prevention systems, citing their strategic and security importance.  

He added that localizing these technologies will create added value for the national economy and generate high-quality job opportunities for Saudi citizens.  

The CEO also highlighted partnerships in the pharmaceutical, food, machinery, equipment, and vehicle sectors, noting that work is underway to develop national capabilities in automotive manufacturing.  

According to the authority’s second-quarter 2025 report, the mandatory list currently includes 1,444 national products across 16 sectors. 

Local content is defined as the total spending within through the participation of national labor, goods, and services, aimed at maximizing domestic economic impact and keeping value creation within the Kingdom. 


Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 
Updated 29 October 2025

Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 

RIYADH: ’s newest airline Riyadh Air intends to be a thought leader in environmental sustainability while growing its global reach, its CEO has said.

Speaking to Arab News on the sidelines of the ninth Future Investment Initiative conference in Riyadh, Tony Douglas said that while the industry’s net-zero goal is difficult, the airline will pursue both alternative fuels and near-term operational efficiencies.

This year’s FII conference is taking place in Riyadh from Oct. 27 to 30, and is being held under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.”

Riyadh Air, a new Saudi national airline owned by the Public Investment Fund, began operations on Oct. 26 with the successful completion of its first passenger flight from King Khalid International Airport to London Heathrow.

Douglas said: “The net‑zero target that’s out there, given the physics of powered flight, is extremely difficult,” adding: “But we’re absolutely committed to this going forward.”

Day to day, Riyadh Air will cut waste where it starts, with the CEO pointing to catering as an area to target. Legacy airlines uplift too much food, much of it thrown away. That’s waste and weight, which means more fuel burn and emissions, said Douglas.

To combat this, guests will be able to preorder meals in the concierge app. This trims waste and gives people exactly what they want. 

The brand rests on three pillars: obsessive guest experience, a digital‑native mindset, and leadership on environmental sustainability.

“We’re building a national carrier that connects the Kingdom to the world — and delights every guest along the way,” Douglas said. For him, sustainability sits alongside service and tech, not behind them. A digital‑first approach drives personalization and efficiency — from meal preorders to smoother trip planning.

Operations began with a symbolic start. “We’ll never forget October 26,” Douglas said, recalling the first commercial service. Daily flights to London Heathrow are live, with Dubai next as the network ramps.

Growth will be steady and visible. Completed Boeing aircraft are in certification, with more coming off and entering final assembly each month. The plan is roughly one new jet every month through next year, then two per month. That supports a goal of more than 100 international destinations within five years, setting up Riyadh as a serious global hub.

“Global connectivity is an enabler,” Douglas said. In his view, aviation runs across the Kingdom’s diversification pillars under Vision 2030. The impact is macro and human. The airline expects to support well over 200,000 jobs directly and indirectly as routes open markets, attract investors, and bring tourists.

Service remains the test. “It’s not only what we do — it’s how we do it. We want people to be delighted by our service because the brand is real.” 

That ethos extends beyond the cabin. Riyadh Air is launching Sfeer, a lifestyle program rather than a traditional loyalty scheme. Members can pool and pass points with family and friends — even by tapping phones. The aim is simple: more use, less breakage.

Sustainability threads through these choices. Lighter loads, smarter provisioning, and better planning save fuel and cut emissions today, while the fuels partnership targets tomorrow. 

“Solutions will come in all shapes and sizes,” said Douglas. “We intend to be out front.”

From a standing start to a fast‑scaling national carrier, the message is clear: grow with purpose. Add destinations each month. Ramp the fleet on schedule. Make sustainability part of the experience, not a bolt‑on.

“We’re up and running — and we’re only getting started,” he said.


UAE’s Al-Futtaim commits $2.7bn to to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to  to support Vision 2030 goals 
Updated 29 October 2025

UAE’s Al-Futtaim commits $2.7bn to to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to  to support Vision 2030 goals 

RIYADH: UAE-based conglomerate Al-Futtaim has committed SR10 billion ($2.6 billion) in new investments over the next three years in , reinforcing its long-term partnership with the Kingdom. 

The announcement, made at the Future Investment Initiative conference in Riyadh, highlights the group’s focus on localization, talent development, and diversified economic growth, the company said in a press release. 

The new commitment builds on Al-Futtaim’s existing SR5 billion investments in and is projected to create more than 1,000 jobs. 

The conglomerate’s commitment is part of the broader wave of strategic investments being unveiled at the FII, a platform that has facilitated more than $250 billion in deals since its inception less than a decade ago. 

Marwan Shehahdeh, group director, corporate development at Al-Futtaim, said: “’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within.” 

He added: “Our SR10 billion pledge is a tangible expression of our confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”  

In September, Al-Futtaim acquired a 49.95 percent stake in ’s Cenomi Retail in a $689 million deal. 

The partnership aims to develop omnichannel, AI-driven, and customer-centric retail experiences, expanding access to international brands and elevating the consumer landscape in . 

Through its insurance arm, Orient Insurance, the group is supporting financial sector resilience and economic inclusion by offering customer-focused insurance and financing solutions. 

Al-Futtaim is also expanding its real estate portfolio to contribute to ’s urban transformation, creating integrated developments that foster community connectivity and enhance quality of life. 

“Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and ’s Vision 2030 is realized through collaborative effort,” Shehahdeh added.