The Public Investment Fund (PIF) is interested in investing in Brazil, particularly in the technology, renewable energy, and mining sectors, as well as football, Governor Yasir Al-Rumayyan said.
During his speech at the Future Investment Initiative Priority Summit in Rio de Janeiro, Brazil, Al-Rumayyan said though nearly 80% of the fund’s assets under management (AUMs) being invested in the Saudi market, the remaining 20% nears $200 billion.
The reason for focusing on local investments is to achieve appropriate returns, create job opportunities, and increase local content.
Al-Rumayyan confirmed that the Kingdom aims to increase the PIF’s assets of to about $3 trillion by 2030.
Although the Kingdom is one of the largest producers of fossil fuel, its strategy aims to produce half of its energy needs by 2030 from renewable energy sources, Al-Rumayyan said, highlighting a decline in solar energy costs in the Kingdom to one cent per kilowatt-hour.
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