Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is targeting to increase its portfolio of assets to $2 trillion (Dh7.3tn) by 2030 as it aggressively invests in both domestic and international markets.
“Today we are short of $300bn in assets under management. The number would be $400bn by 2020 and we are targeting for the fund to be the size of $2tn in 2030,” Yasir al-Rumayyan, the managing director of PIF told delegates at the Future Investment Summit in Riyadh on Tuesday.
The fund, which has historically invested in the domestic market on behalf of the Saudi government, has expanded its international investments to 10 per cent of its total asset base in four years, up from about 1 per cent.
PIF, which holds stakes in the US ride hailing company Uber and electric car makers Tesla and Lucid, in the medium-term would like to achieve 25 and 75 per cent balance between international and domestic, respectively, and by 2030 aims to have a 50-50 split between the two, he said.
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“That doesn’t mean that we are scaling down our domestic investments ... we are growing,” Mr al-Rumayyan said. “We will have a lot of new investments domestically and a lot internationally.”
PIF, which is at the heart of Saudi Arabia’s economic transformation agenda, is mandated to invest and grow local industries while at the same time invest abroad in assets to generate returns for Riyadh, which seeks to generate alternative revenue lines in the wake of the three-year oil price slump.
In the domestic market, PIF holds stakes in some of the region’s biggest companies and financial institutions including Sabic, the top petrochemicals producer in the Middle East; mining giant Ma'aden and the kingdom’s largest telecommunications operator STC. It also owns stakes in National Commercial Bank and Samba Financial Group, two of the biggest lenders in the country.
PIF is a cornerstone investor in SoftBank Group’s $93bn Vision Fund with a $45 billion contribution, and Mr al-Rumayyan said it has invested in about 50 to 60 companies through Softbank’s vehicle so far.
Most of these companies would come to the kingdom to help diversify the economy and generate employment, he said.
PIF will continue to invest in the technology sector, which can offer investment returns that are “very difficult to achieve in some of the conventional investments," Mr al-Rumayyan said.
Company%20Profile
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Company%20Profile
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The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
