Your Excellency, guests, ladies and gentlemen, representatives, distinguished guests, I would like to extend my appreciation to all for coming to this 33rd press conference. It's a pleasure and honor to be with you today to talk about a new phase of accomplishment and achievement that will be contributed by the PIF to enhance the journey in the Kingdom of Saudi Arabia, based on a great economy. With the approval of the Board of Directors of the PIF under the presidency of His Royal Highness Crown Prince Mohammed bin Salman, the Prime Minister, may Allah preserve him and keep him, the strategy of the PIF from 2026 to 2030 in the five years to come is considered the continuation of the PIF to enhance the diversification plan in the Kingdom of Saudi Arabia and to achieve the goals of the blessed Vision 2030 in building a vital and sustainable economy and to enhance the national wealth for the next generations.
The Kingdom of Saudi Arabia is blessed with a very strong financial and strategic position, with highly advanced infrastructure, in addition to liquidity linked to the international and global markets that will enhance its capacity to attract foreign investments and foreign capitals. Based on this fact, the investment of the PIF, by its nature, is going to be long-run, regardless of the transformations or changes taking place in the global market. Having a very strong financial position and sufficient flexibility to deal with any global change, distinguished guests, ladies and gentlemen, the PIF was established in 1971 with a holistic development vision aiming to build the national economy and enhance the main components of sustainable growth and development.
At the beginning, the fund was concentrating on establishing major national companies like the Saudi Basic Industries Corporation (SABIC), STC, and the Saudi Railway Company, in addition to contributing to establishing the financial and banking sectors, which contributed to leading the economic growth in that particular period of time. In 2015, there has been a very radical change in the journey of the PIF, being seen in the establishment of the Board of Directors under the presidency of His Royal Highness and being linked with the Council of Economic Affairs and Development, formulating its strategy accordingly to contribute to developing the local economy through expanding its portfolio based on global assets and enhancing the financial returns, in addition to diversification of income sources.
With the launch of the Vision 2030 of the Kingdom, the launch of the PIF program from 2018 up to 2020 was based on establishing numerous companies to develop 10 promising sectors. At the same time, during this period, there were many projects launched like NEOM, The Line, and Roshn, and such projects were one of their own kinds in the world. This contributed in investing in many sectors, transferring knowledge and technology, and forging partnerships locally and internationally. At the same time, it launched the Future Investment Initiative (FII), being one of the most important economic platforms in the world.
Since the launch of the initiative in 2017, the Kingdom of Saudi Arabia hosted through the FII thousands of leaders, decision-makers, and investors from all over the world, witnessing the signing of more than 250 billion US dollars in agreements and expanding its existence globally through holding conferences in London, Miami, and Hong Kong, in addition to many other cities in the world.
At the beginning of 2021, the fund launched a strategy from 2021 to 2025 to start a new phase targeting expansion and growth to complete the successes that have been accomplished before. Continuing during this period to achieve its goals through diversifying its assets and injecting investments in 13 strategic sectors and forging economic partnerships and localization of knowledge and technology. This will lead to enhancing the efforts of development and the economic transformation of the Kingdom of Saudi Arabia and to have a very strong position to become one of the most important investment authorities and funds in the world.
To develop the lifestyle of the citizen as well as the resident through launching national companies to become leading companies in a sector such as Roshn, which is contributing to achieving the target of increasing the ownership percentage of houses for citizens, and the launch of Savvy Group in electronic games that contributed to organizing and hosting the World Cup for electronic games, being participated by more than 3,500 professional players locally and globally. In the sector of artificial intelligence, the fund launched the Humane company to develop artificial intelligence-related solutions and investing in the sector to have a strong position for the Kingdom of Saudi Arabia as an international center and hub for the best technologies of data and artificial intelligence.
At the same time, the fund enabled many leading national companies like ACWA Power through its investments to become the main developer of programs for renewable energy, which represents 70% of the targets of the community of Saudi Arabia, such as the renewable energy-related projects to be planned in 2030. At the same time, the fund contributed to companies to be transformed into globally leading companies with a fleet that includes more than 100 ships to enhance the flexibility of the supply chain from and to the Kingdom of Saudi Arabia.
In addition to all of this, the fund contributed to developing Ma'aden company and to enable such companies to forward numerous partnerships to invest in vital minerals. This transformation contributes to enhancing the position of Ma'aden globally and enhancing supply chains locally and nationally to double the value four times more, from 60 billion Saudi Riyals to 247 billion Saudi Riyals in 2025.
The fund expanded its scope of cooperation with the private sector through numerous initiatives and programs such as the Munafasat program to develop local content, the platform of the fund for the private sector, and the program to develop human capabilities, in addition to the program of developing and financing contractors to enhance their capabilities and to rehabilitate them for SMEs.
The program of accelerator for industrial projects enables startups to develop their products and competitive services innovatively to develop their businesses in the Kingdom of Saudi Arabia. In the real estate sector, the fund has provided 12,000 opportunities in the field of engineering designs and managing projects, in addition to many other later projects as well, in the value of 562 billion Saudi Riyals. The fund, under the presidency of the Chairman, has been enhanced to be an accelerator for all the transformations taking place in the Kingdom economically and to become one of the largest sovereign funds in the world.
The fund, for example, carries assets under management achieving high growth, six times more than the 10 years compared to 2015, to reach exceeding 3.4 trillion Saudi Riyals by the end of 2025. It invested more than 750 billion Saudi Riyals locally in new projects during 2022 to 2025, and this represents 70% of the total investments of the fund. The fund continued playing an important role to achieve more income as well, exceeding 7% annually since the year 2017.
Between 2021 and 2024, the fund contributed by one-third of the real GDP, regardless of the oil economy, and its contribution doubled from 4% to 10% to reach 910 billion Riyals in this period of time. Of course, the investment of the fund contributed to the non-oil sector, such as tourism, developing more than 3,600 hotel rooms and an open operation of 900 hotels in the Red Sea, AlUla, and other areas. The fund and its affiliated companies spent nearly 590 billion Riyals between 2020 and 2024, to reach the spending on local content in 2024 to 27 billion Saudi Riyals. This is an equivalent of 44% of the non-oil revenues of the Kingdom.
At the same time, the fund, in addition to affiliated companies, had a high score of its GDP contribution from 6% to reach 57% by the end of 2024. The companies of the fund attracted foreign direct investments by 57 billion Saudi Riyals from 2021 to the third quarter of 2025 in numerous emerging sectors, including the real estate sector, in addition to vehicles, transport, logistics services, and communication and technology.
The partnerships of the fund along with world investors in expanding their businesses and opening new headquarters in the Kingdom attracted more than 75 billion Saudi Riyals to the local market from the year 2021 to 2025. This enhanced the depth of the capital market of the Kingdom of Saudi Arabia, in addition to developing local capabilities, coming up with new investment solutions, and developing local assets in the field of SMEs.
Jada allocated more than 3.5 billion Saudi Riyals through 46 funds through angel investment and private ownership to enhance SMEs and ambitious individuals and angel investors. Sanabil Investments company has contributed to the entrepreneurial scene in the Kingdom of Saudi Arabia through leading numerous phases of investments for SMEs in an amount of 1.5 billion Saudi Riyals, providing a number of initiatives to aim at innovation and entrepreneurship in the Kingdom of Saudi Arabia, which were benefited by 165 startups.
The fund has been granted numerous ratings to become one of the best funds in the world. It has actually obtained Moody's rating, Fitch agency, and S&P agency for rating, and this reflects the meritocracy, credit meritocracy, and eligibility of the fund and its power, enhancing its ability to enable all the affiliated companies to get access to investment sources with a high level of credit efficiency that will enhance the efforts of diversification of the local economy and enhancing its financial position in the Kingdom.
The fund has been opening numerous branches and offices all around the world in Asia, Europe, and the United States of America. This is within the framework of its strategy for global growth and building partnerships, in addition to its offices and affiliated companies in regional companies like in Egypt, Bahrain, Jordan, and the Sultanate of Oman, aiming to find the proper opportunities of investment and enabling the companies of the fund and the private sector companies to enter such markets.
The strategy of the fund for the five years to come is an accomplishment of the journey of the fund and its normal development phase in expansion, so as to come up with a new phase to achieve sustainable value and to enhance the impact and to raise the investment efficiency through enhancing 13 strategic sectors to turn them into six economic sectors and to enhance the connection among all of these sectors to provide more opportunities of investment and diverse investment for the private sector.
I'm concentrating on enhancing the financial revenues so as to enhance the contribution of the fund to achieve prosperity in the economy of the Kingdom of Saudi Arabia. The government position played an important role to prepare and develop the investment infrastructure through developing regulations and the regulatory framework to aim at increasing the attractiveness of the Saudi market to the private sector and to the global investors, and through coming up with policies as regards local content and regulation through the special or private economic zones to enhance investment opportunities. All of these updates will add great value to the fund within the coming few years.
The fund will concentrate through its strategy on being committed to the efficiency of spending and expenditure with the sustainable valuation of its business performances to achieve the balance in its portfolio value and to achieve sustainability of its financial resources and to double the impact and the value for the next generation, that will reflect positively on the economy. And continuing to adopt the best standards and practices in governance-related issues, transparency, and operational efficiency, in addition to institutional excellence.
Such as adopting the principles of Santiago related to institutional governance, in addition to the frameworks of risk management of sovereign funds, in addition to the commitment of the fund to the international standards for measuring investment performance gaps.
The investments of the fund from 2026 to 2030 is going to be distributed on the three main investment portfolios. The first of which is the Vision Portfolio, which aims to enhance the integration among the strategic sectors of priority and to double the value for the companies of the fund and continuing to push forward the local progress of the economy and contemporary of the Kingdom through developing six complete sectors that will enhance the integration of its investments as well and to raise its competitiveness. This will open the floor for more opportunities and more partnerships with the private sector locally and as investor, supplier, and partner, and to find new global investors accordingly.
Of course, the second portfolio, which is the Strategic Investment Portfolio, will concentrate on managing and doubling the revenues of the strategic assets and increasing the economic impact for the companies of the fund, enhancing their efforts to attract local as well as global investments and to achieve the transformations to become worldwide companies. The fund will continue through this portfolio to invest in many long-run strategic investments that will take into consideration the economic transformation and coping pace with the global change.
The third portfolio, the Financial Investment Portfolio, will do its best to achieve financial revenues to enhance the position of the fund and to play an important role to invest the national wealth for the next generations. At the same time, it will concentrate on the direct and indirect investments in the global market, aiming to double the revenues and to continue achieving the flexibility of the portfolio of the fund and to build more partnerships to allow more opportunities and to increase investment opportunities and back coming back to the economic systems through the Vision Portfolio.
The Vision Portfolio is considered a normal progress of all the sectors that have been launched by the fund and has been developing through the past years. This includes tourism, travel, and entertainment, concentrating on enhancing tourism in the Kingdom through developing the strategic assets that will achieve the revenues, in addition to having easy access to the airports of the Kingdom and benefiting from hosting global events to attract tourists.
This will contribute to developing more than 100,000 hotel rooms, in addition to 70 tourism experiences and developing prepared tournaments and stadiums while hosting the World Cup 2034, and to reach the capacity of 96 million travelers to King Salman International Airport, in equivalence, so as to focus on the goals of the Kingdom of Saudi Arabia to attract 150 million travelers in 2030 as a national target. The Roshn, Jeddah Tower, and Savvy Group companies for electronic games include such, in addition to the Sports Investment company, and Expo 2030, AlUla, and King Salman International Airport and Riyadh Air.
The second place is developing urban construction and urban planning. This will concentrate on the quality of life through accelerating the development of residential and commercial products in all the provinces of the Kingdom of Saudi Arabia. This will contribute to achieving revenues and income, a number of national goals and targets, such as increasing the percentage of ownership of houses by Saudi citizens to developing 190,000 residential units by 2030.
190,000, in addition to developing commercial spaces reaching 5 million square meters, including projects such as Roshn and the new square in the middle of Jeddah and KAEC. In the third place, the advanced industries and innovation-related projects, concentrating on building the future economy of the Kingdom through developing industrial clusters, emerging clusters such as electronics and artificial intelligence, and vehicles and cars, and advanced mobility-related technology, and aviation, space, and defense.
This will contribute to developing the industry, in addition to developing high-quality and value products that can be exported, so as to increase the productivity, in addition to coming up with new jobs and opportunities as well, and to increase the data capacity to reach 3,000 megawatts. The fund is going to actually develop 1,800 megawatts in an investment of an amount of 7 billion Saudi Riyals. As for the fabricated medicine commitments as well, the fund will come up with more than 85,000 vehicles as a national target by 2030.
This will include companies such as Humane for artificial intelligence, Ceer for electric cars, and the medical equipment, and the military and SAMI, the military industry company. As for logistics services industries, which will concentrate on the infrastructure for the economy in the Kingdom of Saudi Arabia, enhancing the logistics services networks, in addition to the basic industries, and increasing the productivity in the mining sector. This will contribute to achieving the national goals and targets where the fund will focus on improving the infrastructure of logistics services to enhance the industry of logistics services such as the containers. The vision is to increasing the volume of producing mining products, so to improve the mining industry and the GDP.
This will include companies such as Ma'aden, in addition to the Saudi company for steel and iron, and Bahri. Number five, as for the infrastructure of nuclear energy and water, this will concentrate on achieving a pioneer position for the Kingdom in the energy sector, in addition to having a very strong global hub in sustainable energy through developing the renewable energy resources, in addition to diversification of producing energy resources. This will increase the capacity of the renewable energy to reach 100 gigawatts, where the fund targets 45.5 gigawatts out of it. This will include companies such as ACWA Power and the Saudi Energy and Morafiq, the energy efficiency company, in addition to the recycling company.
In sixth place, NEOM, being classified as an independent entity within the five years to come that embodies the commitments of achieving success. This important project will allow more flexibility to the new commitment so as to come up with strategic decisions that will be fitting the volume of challenges and opportunities. This rating will reflect the resolution of the importance and the complicated issue under the framework of the economy with the numerous connected sectors. This is energy, industry, airports, logistics services, economic zones, data centers, education, tourism, and smart urban construction, which are based on the best standards at the same time and the largest, the same way big economic zones are managed.
As for the new plans, they are based on accomplishment and gradual feasibility studies and focusing on the main accelerator to be the first accelerator that is depending on the plan of highly regulated and gradual commitments, concentrating on developing NEOM to become the first, the largest, the biggest, the first economic accelerator in the Kingdom. This includes the airport with highly advanced data centers, in addition to renewable energy centers, so as to be the real launch that will activate and enhance the rest of the project and attracting efficiencies and expertise and the global companies to such important projects.
For the time being, many projects are going to be restructured to achieve economic efficiency and high economic feasibility for the future, and it's going to be implemented in phases so as to guarantee the implementation of goals in a very logical way. At the conclusion, we are very confident, God willing, that the strategy of the five years to come of the fund will witness more successes that will enhance the prosperity of the Kingdom of Saudi Arabia and the sustainability of its economies to achieve the goals of Vision 2030, and taking into consideration the nature of the role of the fund and its journey and the transformation in the Kingdom of Saudi Arabia, achieving sustainable revenues and to have a positive impact on the life of the citizens and to have a very strong position for having more gains for the next generations.
I'd like to extend my appreciation to all of you for today for having you with us. And now we open the floor for questions for the media representatives. Thank you very much, Your Excellency.
