Khaberni - The Governor of the Saudi Public Investment Fund, Yasser Al-Rumayyan, revealed that the Fund has not canceled any projects within NEOM, and referred to the guidance to reorganize spending priorities in alignment with financing efficiency and achieving targets. He explained during the government press conference dedicated to presenting the Fund's strategy for 2026 - 2030, that the project THE LINE does not represent all of NEOM, but is one of its components.
He emphasized the importance of distinguishing between core projects and supporting elements, considering the Oxagon area a pivotal base due to its significant economic impact.
He reported that classifying NEOM as an independent system within the new strategy reflects the depth of commitment to developing the project and ensuring its success, considering it one of the main drivers of economic transformation in the Kingdom.
Enhancing financing efficiency and attracting investments
Al-Rumayyan explained that the next phase aims to reduce financial reliance on the Fund, by enhancing financing efficiency and attracting foreign investments, in addition to enabling both local and international private sectors to participate in major projects.
He mentioned that reordering investments is an ongoing process, driven by transformations such as artificial intelligence and changing economic priorities.
Al-Rumayyan stressed that the current war's repercussions extend to the international economy, with rising prices for oil, shipping, insurance, and food, alongside disruptions in supply chains affecting industrial and technological sectors, including semiconductor chips.
He emphasized that the Fund’s long-term strategy is not affected by ephemeral variables, covering until 2030, with regular flexible reviews of investment priorities.
The war dictates repositioning some investments
Regarding the war's impact on investments and foreign deals, Al-Rumayyan said: "The Fund conducts ongoing and dynamic reviews of all investments and priorities, whether during or outside of war, and re-evaluation is an intrinsic part of the Fund’s investment methodology."
He indicated that these reviews do not necessarily mean the immediate cancellation or replacement of a particular investment but reflect a flexible management of priorities according to economic and geopolitical data.
He mentioned that naturally, the war imposes greater pressure on the repositioning process for some investments.
Al-Rumayyan confirmed that the Fund continues to work according to its long-term strategy, maintaining the ability to adapt to new developments, thereby ensuring the achievement of its targets and enhancing its role in supporting the Saudi economy and diversifying income sources, despite current global challenges.
Transforming 13 sectors into 6 integrated economic systems
He added: "The Fund operates as a developmental investor balancing financial returns and economic impact, where it has contributed to the development of vital sectors, before witnessing a qualitative shift after 2015 towards integrating financial sustainability with developmental goals, and it led in launching major projects such as the Red Sea project and Qiddiya, contributing to job creation and enhancing partnerships."
He noted that the 2026-2030 strategy focuses on transforming 13 sectors into 6 integrated economic systems, through three investment portfolios including strategic investments, financial investments, and the Vision Portfolio, aiming to maximize economic impact and diversify income sources.
Deals worth $250 billion and creating 12,000 jobs
In the sports sector, Al-Rumayyan revealed the upcoming announcement of selling the Fund's stake in a club, emphasizing that the goal of the investment was to improve governance and financial sustainability, with a 120% increase in match revenues, and a future orientation towards partial divestment.
On the economic impact front, he clarified that the Fund contributed approximately one third to the growth of non-oil GDP between 2021 and 2024, and provided 12,000 jobs in engineering design as part of its efforts to support the job market and enhance employment opportunities in qualitative sectors.
He pointed out that since its launch, the Future Investment Initiative has seen deals and agreements exceeding $250 billion in value, reflecting the size of the Kingdom's investment presence on the international stage and the attractiveness of the investment environment, and the growing role of the Fund in supporting the national economy and enhancing its global presence.
