PIF set to have $2 trillion in assets under management by 2030: report

In just eight years since its restructuring, the Saudi fund has become a dominant force both domestically and internationally, with the aim of advancing Vision 2030 and achieving the status of the world’s largest sovereign wealth fund by the end of the decade. (SPA)
Short Url
Updated 28 April 2024
Follow

PIF set to have $2 trillion in assets under management by 2030: report

  • In March 2024, PIF’s assets under management surpassed $925 billion, up from $700 billion at the end of 2022

RIYADH: Saudi Arabia’s Public Investment Fund is poised to reach $2 trillion in assets under management by 2030, propelling it from 5th to 2nd place globally among sovereign wealth bodies, according to Global SWF.

The organization that monitors activity in this area stated that PIF’s rapid ascent can be attributed to the fund’s focus on  direct investments, emphasis on  key sectors of the Saudi economy, dedication to sustainability  through leading investments in  renewables and green assets, and active participation in the digital economy.

The institute’s 2024 annual report disclosed that in 2023, PIF took the lead as the top investor among all sovereign wealth funds, allocating $31.6 billion across 49 deals – a 33 percent increase from the prior year. 

This progress elevated the fund by 10 positions between global sovereign investors in new capital deployed within a mere three years.

In just eight years since its restructuring, the Saudi fund has become a dominant force both domestically and internationally, with the aim of advancing Vision 2030 and achieving the status of the world’s largest sovereign wealth fund by the end of the decade.

In March 2024, PIF’s assets under management surpassed $925 billion, up from $700 billion at the end of 2022, securing its position as the fifth largest global sovereign wealth fund, after the government transferred an additional 8 percent stake in Aramco to its portfolio.

The fund strategically delved into co-investments and forged joint ventures to bolster Saudi Arabia’s drive for economic diversification. 

Noteworthy examples include partnerships with mining giant Ma’aden, tire makers Pirelli, and car manufacturer Hyundai.

This was alongside an agreement with Baosteel and Aramco for the construction of a steel mill. 

The report highlighted that unlike numerous sovereign wealth funds that frequently choose co-investing as their primary strategy, both globally and in the Gulf region, PIF stands out with a strong preference for direct investments in private equity.

Specifically, it targets critical sectors of the Saudi economy, including sports and leisure, tourism, and gaming, as well as construction, and heavy industry.

Despite the clear advantages that co-investing offers – such as enhanced due diligence, favorable fee terms, and portfolio diversification – some sovereign investors may shy away due to concerns about deal visibility and relinquishing transaction control to other government funds.

According to the report, PIF stood out from other funds due to its substantial domestic investments, which significantly impacted its international investment capacity relative to other funds.

In 2023, Saudi Arabia’s sovereign wealth fund saw an 18 percent growth in its US equities portfolio, driven by rising stock values. 

PIF maintained a passive approach, keeping major positions unchanged. 

According to the report, its largest holding remained a 63 percent stake in Lucid Motors. 

PIF initiated its investment of $1 billion in the electric vehicle rival to Tesla back in 2018, and following Lucid’s initial public offering three years later has continued to infuse capital into the company.

This included an injection of $2 billion in June 2023, and Lucid is on course to commence EV production in Saudi Arabia by 2025.

PIF’s US-listed portfolio includes $8.1 billion in gaming companies such as Activision Blizzard, Electronic Arts, and Take-Two, reflecting the Kingdom’s plan to invest $38 billion to become a hub for this sector as part of Vision 2030.

In its report, Global SWF discussed the challenges encountered by sovereign investors in recent years and the corresponding solutions they implemented in 2023 to enhance the resilience of their portfolios.

One significant challenge involved addressing the decarbonization of the global economy. This was tackled through the introduction of a new sustainable investment strategy, shedding light on “climate alpha.” This typically refers to investments or strategies that aim to address global warming and its associated risks and opportunities.

This could include investments in companies or projects that are focused on renewable energy and efficiency, sustainable agriculture, clean transportation, and other environmentally friendly initiatives.

Sovereign investors showcased their dedication to sustainability during COP28, highlighted by the UAE’s launch of a $30 billion climate-focused fund, supported by BlackRock and fellow state-backed wealth funds. The goal is to access these areas while also greening existing black assets through de-carbonization.

Meanwhile, Saudi Arabia has taken a leading role in direct investments within the EV and automotive sectors. As well as its stake in Lucid, the Kingdom launched its own EV carmaker, Ceer, in a joint venture with Taiwan’s Foxconn. 

Further partnerships include collaborations with Tasaru for component localization, Hyundai for a car plant, and Pirelli for tire manufacturing.

According to Global SWF, sovereign investors directed a record $26.1 billion towards green assets in 2023, prioritizing investments in the energy transition, including renewables, battery storage, and EVs.

Gulf sovereign wealth funds contributed nearly half of this sum, leading the charge in driving the energy transition agenda.

The report also underscored another challenge encountered by sovereign funds, which is market volatility and the risks stemming from geo-economic fragmentation.

To tackle this issue, fund investors have embraced a more comprehensive total portfolio strategy. This strategy integrates alpha and beta return drivers, merging top-down and bottom-up analyses, with a significant emphasis on diversification.

By adopting this holistic approach, investors gain a thorough understanding of their investments, facilitating more informed decision-making, enhanced risk management, and the opportunity to optimize portfolio performance by focusing on the unique attributes and dynamics of each component within the portfolio.

The rise of disruptive artificial intelligence was also addressed in the report, which noted it represents a significant risk for sovereign investors as it can lead to rapid changes in industries, markets, and investment landscapes.

AI-powered technologies can impact traditional business models, alter consumer behavior, and introduce new competitive dynamics. To address this challenge, one proposed solution by sovereign investors is to integrate AI-powered portfolios into their investment strategies.

By incorporating AI technologies into portfolio management, sovereign funds can leverage advanced algorithms and data analytics to gain valuable insights. 

AI-powered portfolios can analyze vast amounts of data in real-time, identifying trends, patterns, and market signals that may not be immediately apparent to human analysts. This can lead to more accurate risk assessments, better market timing, and enhanced investment decision-making.

Additionally, AI can enable sovereign investors to automate certain aspects of portfolio management, such as rebalancing, trade execution, and risk monitoring. This not only increases operational efficiency but also allows for more agile responses to changing market conditions.

According to the report, 2023 saw sovereign wealth funds adjusting their real estate investments amidst concerns of global interest rate hikes and a potential property bubble.

Despite an overall softening in the market, some segments, such as data centers and affordable housing, saw growth as fund investors aligned with emerging megatrends. Data center investments surged by 150 percent to $7.6 billion in 2023, indicating a strong focus on future-oriented assets.

This shift reflects a move from traditional investments to a more sophisticated strategy, exemplified by PIF’s forming partnerships to develop data centers.

The report flagged up that in 2023, the GCC region – led by the Abu Dhabi Investment Authority, Abu Dhabi’s Mubadala, ADQ, PIF, and the Qatar Investment Authority – saw a record surge in sovereign capital to $4.1 trillion in assets under management, with transactions totaling $82.3 billion.

Projections indicate these sovereign wealth funds could reach $7.6 trillion in assets by 2030. This growth, according to the report, is fueled by high oil prices and a maturing investment landscape, driving economic diversification with growth forecasts of 3.6 percent and 3.7 percent for GCC nations in 2024 and 2025.

In this region, two distinctive sovereign wealth fund management approaches were highlighted by Global SWF. 

Abu Dhabi’s strategy involves the establishment of multiple SWFs, each with specific missions overseen by different royals. Saudi Arabia, on the other hand, centralizes its investment and strategic efforts under PIF, aligned with the government’s overarching vision.

Further, its leaders have no problems in announcing grand plans for the fund, using it in its name to buy football clubs or golf leagues, and in sharing its finances publicly given its fundraising efforts, in a rather refreshing fashion, the report said.

The institute presented updated projections in the State-Owned Investors 2030 section, factoring in the industry’s recovery in assets under management in 2023. 

It anticipates that public pension funds and central banks will reach $54.9 trillion by 2025 and $71 trillion by 2030. By then, Norway’s Norges Bank Investment Management, Saudi’s PIF, and Japan’s Government Pension Investment Fund could lead the table with over $2 trillion in assets under management each.


MSC launches service to boost Saudi-East Asia trade

Updated 9 sec ago
Follow

MSC launches service to boost Saudi-East Asia trade

JEDDAH: A new shipping service by Mediterranean Shipping Co. is set to strengthen trade links between Saudi Arabia and key ports in East Asia, bolstering the Kingdom’s global logistics network.

Saudi Ports Authority, known as Mawani, announced that MSC will launch the new “Clanga” line at the Jubail Commercial Port, adding that it will strengthen the Kingdom’s position in investment and logistics, according to the country’s official press agency.

The service will connect Jubail Commercial Port with King Abdulaziz Port in Dammam, Port of Singapore, and Port of Shanghai in China, as well as Port of Colombo in Sri Lanka, with a handling capacity of up to 6,000 twenty-foot equivalent units.

This move is expected to boost foreign investment and improve supply chain efficiency. It also aligns with Mawani’s efforts to enhance the competitiveness of Saudi ports and support national exports, as well as the National Transport and Logistics Strategy’s goal of establishing the Kingdom as a global logistics hub connecting three continents.

Mawani said in a statement that the addition of the service to the Jubail port highlights its strategic role in enhancing maritime transport and logistics while supporting economic activities in the Eastern Province.

The authority added that the port’s proximity to production hubs, coupled with advanced infrastructure, allows it to accommodate vessels of various types and sizes, further strengthening Saudi Arabia’s connectivity with global terminals. 

As a key facilitator of national exports, particularly industrial and petrochemical products from Jubail Industrial City, the port plays a crucial role in boosting the Kingdom’s global trade competitiveness, Mawani emphasized.

In August, MSC introduced the service at the King Abdulaziz Port, connecting the city with major terminals in China, including Ningbo, Shanghai, and Shekou, as well as Singapore.

Mawani announced at that time that the service would operate weekly voyages with a capacity of up to 15,000 TEU.

In a statement, MSC said the service was designed to address terminal congestion issues in the Middle East and enhance connectivity for Asia-Middle East cargo.

The shipping company, which won the “Best Shipping Line – Asia-Africa” award at the 2024 Asian Freight, Logistics, and Supply Chain Awards, further said that Clanga would offer a unique and competitive service for Saudi exports to the Far East through its direct call in Shanghai from Dammam.


Closing Bell: Saudi main index closes higher as key stocks gain

Updated 4 min 52 sec ago
Follow

Closing Bell: Saudi main index closes higher as key stocks gain

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Monday, gaining 29.26 points, or 0.25 percent, to close at 11,883.04.

The total trading turnover of the benchmark index was SR5.4 billion ($1.4 billion), as 100 of the stocks advanced and 142 retreated.

Conversely, the Kingdom’s parallel market Nomu dropped 240.58 points, or 0.77 percent, to close at 31,034.69. This comes as 33 stocks advanced while 45 retreated.

The MSCI Tadawul Index increased 9.09 points, or 0.61 percent, to close at 1,503.88.

TASI’s top performer was Arabian Agricultural and Industrial Investment Co., which surged by the 30 percent daily limit in its market debut on Monday.

Its share price jumped to SR65, significantly surpassing its initial price of SR50, which was set at the upper end of the offering range.

Other top performers included Retal Urban Development Co., whose share price rose 7.18 percent to SR15.82, as well as Astra Industrial Group, whose share price surged 4.45 percent to SR169.

Alkhorayef Water and Power Technologies Co. was also among the top performers, increasing 4.38 percent to SR166.80.

Naqi Water Co. was the worst performer with its stock price falling 4.33 percent to SR57.40.

Arabian Shield Cooperative Insurance Co. also saw its stock prices decline 3.94 percent to SR17.56. Arriyadh Development Co. also dropped to SR34.65, a 3.88 percent decrease.

On the announcements front, several major Saudi companies released their annual financial results for the period ending Dec. 31, 2024, showcasing mixed performances across industries.

Arabian Mills for Food Products Co. reported a 12.98 percent increase in revenue, reaching SR973.94 million, compared to SR862.08 million in the previous year.

This growth was primarily driven by a 39.75 percent surge in feed sales following the company’s entry into the poultry feed segment and reinforced production efforts.

Bran sales also grew by 17.91 percent, and flour revenues saw a modest rise of 4.02 percent, supported by business-to-business revenue growth of 3.19 percent and incentives in the modern trade segment.

Net profit increased by 5.93 percent to SR212.15 million, supported by improved product cost efficiency, administrative streamlining, and reduced financing costs.

Despite the growth, the company saw a 1.03 percent drop in its share price to settle at SR47.90.

The United International Transportation Co., also known as Budget Saudi, posted a significant 43.03 percent increase in revenue, reaching SR1.97 billion, up from SR1.38 billion in the prior year.

This surge was fueled by the expansion of both long-term and short-term rental fleets, alongside contributions from the acquisition of AutoWorld and the integration of revenue from the Overseas Development Co.

Net profit climbed 12.44 percent to SR311.69 million, benefiting from improved rental rates, fleet expansion, and operational synergies post-acquisition.

Budget Saudi’s share price saw a 0.26 increase to reach SR76.40.

Meanwhile, the Kingdom Holding Co. saw an 11.57 percent decline in revenue to SR2.39 billion, down from SR2.70 billion in the previous year.

The decline was primarily attributed to reduced dividend income and lower gains on investments at fair value through profit or loss.

Despite the revenue drop, net profit rose by 22.08 percent to SR1.24 billion, supported by lower financial charges, gains from the reversal of impairments, increased share of profits from equity-accounted investees, and higher income from hotel operations.

Kingdom Holding’s stock price increased by 1.64 percent to reach SR8.06.

BinDawood Holding Co. reported a modest 1.33 percent increase in revenue, reaching SR5.68 billion, compared to SR5.60 billion in the previous year.

The growth was driven by contributions from new store openings, increased sales from Jumeirah Trading Co. and Future Retail Tech, and improved point-of-sale performance.

However, this was partially offset by store closures during the year. Net profit grew by 1.88 percent to SR280.25 million, supported by stronger supplier terms, operational efficiencies, and a better product mix, though higher operating expenses related to talent acquisition and business expansion limited the increase.

BinDawood’s stock price grew 0.63 percent on Monday to reach SR6.42.


OECD predicts 3.8% economic growth for Saudi Arabia in 2025

Updated 28 min 50 sec ago
Follow

OECD predicts 3.8% economic growth for Saudi Arabia in 2025

RIYADH: Saudi Arabia’s economy is poised for substantial growth, with its gross domestic product projected to increase from 1.2 percent in 2024 to 3.8 percent in 2025.

The projection by the Organisation for Economic Cooperation and Development comes amid global economic uncertainties, as many advanced economies are expected to face sluggish growth due to escalating trade tensions, geopolitical instability, and inflationary pressures.

This forecast signals a remarkable turnaround for the Kingdom, positioning it as one of the fastest-growing economies within the G20 in the coming years. While Saudi Arabia’s GDP growth is expected to moderate slightly to 3.6 percent in 2026, global GDP growth is projected to slow to 3.1 percent in 2025 and 3 percent in 2026.

Stable inflation

The OECD report also forecasts that Saudi Arabia’s inflation will remain low and stable, projected at 1.9 percent in 2025 and 2 percent in 2026. This stands in contrast to the higher inflation rates seen in many major economies, particularly those facing trade-related disruptions and rising labor costs.

The Kingdom’s inflation stability is noteworthy, especially within the context of the OECD’s broader inflation projections. The report highlights that G20 headline inflation is expected to stay at 3.8 percent in 2025 and 3.2 percent in 2026, with core inflation remaining above target in several advanced economies, including the US.

Oil market and OPEC+ production strategy

A key factor driving Saudi Arabia’s economic performance is its oil sector, which continues to be a vital growth pillar despite the country’s ongoing efforts to diversify its economy under Vision 2030.

The OECD report noted that OPEC+ plans to gradually “unwind production curbs” starting in April 2025, a move that could have significant implications for global oil prices.

At the same time, Saudi Arabia’s efforts to boost non-oil revenue sources under Vision 2030—through investments in technology, tourism, and infrastructure—are helping to strengthen economic resilience amid market volatility. However, the OECD also cautioned that geopolitical risks and rising protectionist policies in global trade could disrupt energy markets, potentially leading to price fluctuations.

Global economic outlook

Beyond Saudi Arabia, the OECD painted a complex outlook for the global economy. “The global economy has shown real resilience, with growth remaining steady and inflation trending downward. However, signs of weakness have emerged, driven by heightened policy uncertainty,” said OECD Secretary-General Mathias Cormann.

Global GDP growth is projected to slow from 3.2 percent in 2024 to 3.1 percent in 2025 and 3 percent in 2026, with many advanced economies experiencing lower-than-expected growth due to increased trade barriers, inflationary pressures, and policy uncertainty.

The US economy is expected to see growth slow from 2.8 percent in 2024 to 2.2 percent in 2025 and 1.6 percent in 2026, as higher interest rates and trade tensions dampen investment and consumer spending. Similarly, the eurozone’s economy is projected to grow by just 1 percent in 2025 and 1.2 percent in 2026. China’s economy is also expected to decelerate, with growth slowing from 4.8 percent in 2025 to 4.4 percent in 2026.

Trade fragmentation and geopolitical risks

A key concern highlighted by the OECD is the growing rise of trade barriers and their potential impact on global economic stability. “Increasing trade restrictions will contribute to higher costs for both production and consumption. It remains essential to maintain a well-functioning, rules-based international trading system and keep markets open,” Cormann added.

The US has raised tariffs on imports from China by 20 percentage points, prompting retaliatory actions from China. In addition, higher tariffs on steel, aluminum, and other goods are expected to disrupt supply chains and increase production costs globally.

The OECD warned that such trade fragmentation could slow global growth and push inflation higher, particularly in economies heavily dependent on international trade. The report also noted that if trade tensions escalate further, global GDP could decline by an additional 0.3 percent over the next three years, with particularly severe effects on Canada, Mexico, and key European economies.

Monetary policy and inflation pressures

The OECD’s outlook also indicated that inflation remains a significant concern in many economies. While inflation is expected to moderate, it is likely to stay above central bank targets in key economies like the US, the eurozone, and the UK through 2026.

“Central banks should remain vigilant given heightened uncertainty and the potential for higher trade costs to push up wage and price pressures. Provided inflation expectations remain well-anchored, and trade tensions do not intensify further, policy rate reductions should continue in economies where underlying inflation is projected to moderate or remain subdued,” the report stated.

For emerging markets, inflation presents a mixed picture. Brazil and South Africa are expected to face persistent inflationary pressures, while India and Indonesia may see inflation remain relatively contained. Countries like Turkiye and Argentina, which have dealt with extreme inflation in recent years, are projected to see a sharp decline in inflation rates as fiscal and monetary tightening measures take effect.

The role of AI, structural reforms

Beyond trade and monetary policy, the OECD report emphasized the importance of structural reforms and digital transformation in enhancing long-term economic resilience.

“Governments can help by ensuring the availability of high-speed digital infrastructure, maintaining open and competitive markets, and providing opportunities for workers to enhance their skills,” the report noted.

OECD Chief Economist Alvaro Santos Pereira highlighted that AI is poised to drive significant labor productivity growth over the next decade, with even greater potential when combined with advancements in robotics.

“Yet, the gains from AI may diminish if policies do not facilitate higher adoption rates and support labor reallocation,” Pereira warned.

Navigating uncertainty

The OECD called for stronger international cooperation to prevent further trade fragmentation and urged governments to adopt a balanced approach to fiscal and monetary policies. It cautioned that excessive tightening of monetary policy could unnecessarily slow growth, while failing to manage inflation could lead to additional economic disruptions.

The report’s key policy recommendations emphasized the importance of avoiding further tariff escalations and seeking diplomatic trade solutions. It also highlighted the need for investments in AI and digital transformation to boost productivity, while maintaining cautious monetary policies to ensure inflation remains under control. Additionally, the report stressed the importance of encouraging structural reforms to build more resilient and dynamic labor markets.


UK businesses eyeing Middle East investments amid growing regional appeal: report 

Updated 40 min 1 sec ago
Follow

UK businesses eyeing Middle East investments amid growing regional appeal: report 

  • Europe is the leading region, with 55% of respondents naming it their primary international investment market
  • Kingdom’s regional headquarters program has emerged as a major pull for international firms

RIYADH: Interest among UK business leaders in the Middle East as a key investment hub has doubled to 36 percent, driven by the region’s economic transformation and strategic appeal, a new survey has revealed.

The study, conducted by communications consultancy Pagefield, surveyed over 200 senior figures across the finance, technology, and manufacturing sectors. 

Europe is the leading region, with 55 percent of respondents naming it their primary international investment market, yet the Middle East’s growing appeal reflects regional efforts to diversify economies and attract foreign direct investment. 

Mega projects such as Saudi Arabia’s NEOM and large-scale developments in the UAE are reshaping the landscape, promising to draw more global capital. 

NEOM’s luxury destinations on the Gulf of Aqaba coast are designed to deliver the highest standards of future living and quality of life. File/SPA

“The data shows a clear shift in UK businesses’ global outlook. While Europe remains a top priority, the sharp rise in interest in the Middle East and Asia signals a growing appetite for new, high-potential markets,” said Christopher Clark, partner at Pagefield. 

He added: “Businesses are looking beyond traditional hubs and seeking opportunities in regions that offer both economic dynamism and strategic advantages.” 

Saudi Arabia’s regional headquarters program has emerged as a major pull for international firms, including UK companies. The program offers incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, alongside other benefits like discounts and support services. 

Several leading UK firms, including IHG Hotels and Resorts, PwC, and Deloitte, have already set up their regional headquarters in the Kingdom, positioning themselves to capitalize on the country’s rapid economic transformation. 

The survey also highlighted rising UK business interest in Asia, with investment focus climbing from 22 percent to 32 percent. 

Participants in the survey emphasized the need for greater government support as UK firms pursue international expansion. 

International companies looking for investment opportunities have established regional headquarters in the Kingdom. File/Reuters

According to the study, 83 percent of UK companies said the government must do more to support international growth, with nearly 31 percent identifying Free Trade Agreements as the most crucial mechanism. 

Other key factors influencing investment decisions among UK business leaders include economic stability, workforce quality, and a strong commitment to equality, diversity, and inclusion.

The report also noted that UK firms remain overwhelmingly optimistic about foreign direct investment, with 91 percent expressing confidence in cross-border expansion despite global economic and political challenges. 

“UK businesses are ready to invest overseas, but they need the right conditions to do so. The government should stand ready to support outward as well as inward investment, as it will strengthen UK businesses and the UK economy,” said John Alty, senior adviser at Pagefield and former permanent secretary for the Department for International Trade. 

He added: “Businesses are looking to the government to facilitate supply chains through free trade agreements and provide in-country support to boost business confidence.” 


Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity

Updated 59 min 32 sec ago
Follow

Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity

  • Growth rate of new commercial registrations in the region reached 98%
  • SMEs recorded a 33% growth in 2024 compared to 2023

RIYADH: Saudi Arabia’s Al-Jouf province recorded a 15 percent year-on-year growth in commercial activity in 2024 thanks to successful regional economic initiatives, new data showed.

Released by the Vision Realization Office in Al-Jouf, the study also indicated a significant increase in the growth rate of new commercial registrations in the region, reaching 98 percent, the Saudi Press Agency reported.

This falls in line with promoting development and growth while encouraging private economic activity across all regions of the Kingdom, in line with Saudi Vision 2030.

The Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. File/SPA

It also aligns with the region’s role as the northern gateway to the Kingdom, connecting it to Jordan and facilitating trade through the Al-Haditha land port. This terminal is the third busiest in the nation, handling $247 million in imports and exports in 2019, according to Invest Saudi.

The study monitored the growth of funded projects across the region, with 478 initiatives, and support for existing undertakings with liquidity estimated at SR22.05 million ($5.88 million).

Small and medium-sized enterprises recorded a 33 percent growth in 2024 compared to 2023, while the share of women-funded projects reached approximately 52 percent, a clear indicator of the empowerment of Saudi females.

The analysis primarily attributed these gains to the efforts and commitment of the region’s governor, Prince Faisal bin Nawaf bin Abdulaziz.

Al-Jouf saw a significant increase in the growth rate of new commercial registrations in the region. File/SPA

This comes as he worked on translating the generous directives into reality, serving the interests of citizens. He urged the branches of ministries and relevant agencies to harness all resources to overcome challenges and find appropriate solutions.

The governor also monitored the implementation of projects that serve the Al-Jouf region, its governorates, and centers, both investment- and development-oriented, as well as prevented any failures, achieving their set goals.

In March, Prince Faisal said that Saudi Arabia’s Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply.

The Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply. File/SPA

At the time, he highlighted that the region offers many investment opportunities and competitive advantages. He also emphasized that Al-Jouf has implemented various initiatives to overcome challenges for potential investors, with coordinated efforts across multiple government sectors.

The official also underlined at the time that the Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. He emphasized that these endeavors will create future employment prospects for both male and female youth in the region and the nation at large.