Saudi Public Investment Fund to Slash Overseas Investments by a Third

The Public Investment Fund announced plans to reduce its overseas investments from 30% to between 18% and 20%. This strategic shift aims to prioritize the domestic economy as the Kingdom seeks to diversify away from oil dependence.

The announcement was made during the Future Investment Initiative summit in Riyadh, where global leaders in business and finance gathered to explore Saudi Arabia's economic transformation amid regional tensions. Investment Minister Khalid al-Falih reported an increase in foreign companies establishing regional headquarters in the Kingdom, with the total reaching 540, surpassing their 2030 target of 500.

Oil remains crucial to the Saudi economy, but the PIF's scaling back of major projects reflects rising costs and a new focus on strategic partnerships. High-profile speakers at the event discussed various global issues, with economist Jeffrey Sachs calling for peace in the Middle East and Elon Musk addressing future technological advancements.