PIF convenes 1,000 global executives in Riyadh to shape next phase of governance
JEDDAH: Saudi Arabia's Public Investment Fund gathered over 1,000 top executives in Riyadh for its second Directors' Gathering, unveiling new governance priorities amid rapid portfolio expansion.
The event, which brought together representatives from approximately 220 portfolio firms — including over 100 established by PIF itself — focused on enhancing board performance, aligning strategic priorities, and promoting cross-sector synergies to deepen collaboration across the fund's growing portfolio.
Discussions were centered around redefining board impact in the context of national transformation, strengthening oversight in a changing risk landscape, and navigating new governance challenges posed by artificial intelligence and emerging technologies, according to a press release.
The Directors' Gathering, a knowledge-sharing platform for #PIF portfolio companies, featured majlis sessions and panels on national transformation, succession planning and risk management. pic.twitter.com/99crta3swY
— Public Investment Fund (@PIF_en) May 18, 2025
The event comes as PIF accelerates its dual mandate of advancing Saudi Arabia's economic diversification and generating long-term global returns. Since its 2015 transformation, the fund has grown into a globally influential investor, managing $941.3 billion in assets in 2024 and playing a key role in Vision 2030.
Speaking to the delegates, PIF Governor Yasir Al-Rumayyan, highlighted PIF's vision and that the roles of boards include three main priorities: brainstorming and setting strategy, ensuring the right governance frameworks are in place for management, and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations.
'He stressed that this could transform challenges into opportunities to lead, grow and innovate,' the release added.
H.E. Yasir Al-Rumayyan, Governor of #PIF, gave the opening remarks at the PIF Directors' Gathering.
— Public Investment Fund (@PIF_en) May 18, 2025
Al-Rumayyan also urged directors to view PIF and its 220 companies as a unified ecosystem, emphasizing the importance of leveraging the group's collective capabilities. He added that collaboration should be considered the primary measure of success.
The Directors' Gathering, launched in 2023, is a key pillar of PIF's corporate excellence agenda and serves as a platform for knowledge exchange and governance development not only within its portfolio but across Saudi Arabia's business ecosystem.
PIF was ranked as the world's second most active sovereign investor by deal value in February, committing $3 billion in global transactions, according to Global SWF, a data platform tracking sovereign wealth fund activity.
In a fireside chat titled 'Aligning the Economic Vision,' Minister of Economy and Planning Faisal Al-Ibrahim, who also sits on the the sovereign wealth fund's board, said the existence of PIF portfolio companies and the related ecosystem is in itself a form of resilience, according to a post on the fund's official X account.
H.E. Faisal Alibrahim, Minister of Economy and Planning, and #PIF Board Member, attended a fireside chat at the #PIF Directors' Gathering on 'Aligning the Economic Vision'. pic.twitter.com/MU3laBynem
— Public Investment Fund (@PIF_en) May 18, 2025
Al-Ibrahim added: 'We are transforming our economy and restructuring the Saudi economy to create more engines of growth, more drivers of progress, and a diversified set of growth sources.'
In another fireside chat titled 'Evolving Investment Strategy,' Head of the Global Capital Finance Division and Head of the Investment Strategy and Economic Insights Division at PIF, Fahad Al-Saif, said the fund is responsible for investing in assets that generate maximum economic impact for Saudi Arabia while also maximizing financial returns for the fund.
'This is done within a robust framework, across duration for us to become a generational fund in the future,' he said in another X post by PIF.
Fahad AlSaif, Head of the Global Capital Finance Division and Head of Investment Strategy and Economic Insights Division at #PIF participated in a fireside chat on 'Evolving Investment Strategy: A Focus on Performance' at the PIF Directors' Gathering. pic.twitter.com/rArT1hXd3x
— Public Investment Fund (@PIF_en) May 18, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
12 hours ago
- Arab News
Riyad Bank and Mastercard join forces to empower MSMEs
Riyad Bank and Mastercard have collaborated to provide small and medium-sized businesses in Saudi Arabia with enhanced access to funding. The two entities have introduced a unique credit card program offering micro, small, and medium-sized enterprises access to financial solutions to grow and thrive. As part of the agreement, Riyad Bank will enable MSMEs across the Kingdom with a three-tier credit program providing greater choice and flexibility in the form of unique cards: the Mastercard NMOO Business Credit Card, Mastercard NMOO Executive Credit Card, and Mastercard NMOO World Credit Card. Each of these unique products will offer flexible limits, supporting enterprises and entrepreneurs to take greater control of their futures. They will deliver real-time solutions that support MSMEs to help buy, operate and sell, bridging financing gaps, and providing access to funding by enabling enterprises to get approved for credit facilities, for example, for business expansion. 'As one of the largest financial institutions in the Kingdom, we are fully committed to serving as a trusted financial solutions partner to the people, businesses, and entities we support,' said Mohammed Abo Al-Naja, chief corporate banking officer, Riyad Bank. 'Over the years, we have helped to drive the growth and development of Saudi Arabia's micro, small, and medium-sized enterprises ecosystem, and today, we are more determined than ever to empower businesses to realize their potential. We are pleased to have partnered with Mastercard to launch our truly novel three-tier credit program, powering the future of MSMEs with timely access to crucial funding.' 'At a time when Saudi entrepreneurship is truly beginning to flourish, we recognize that effective partnerships and innovation are essential to empowering micro, small, and medium-sized enterprises to advance and thrive,' said Adam Jones, EVP and division president, West Arabia, Mastercard. 'Our partnership with Riyad Bank was launched with this goal in mind. Together, we aim to provide MSMEs with essential access to critical lending and funding. We look forward to expanding our first-of-its-kind program to more businesses across the country and supporting them in achieving their goals.'
Arab News
13 hours ago
- Arab News
Osaka Expo pavilion celebrates 70 years of Japan-Saudi relations
OSAKA: Saudi Arabia's pavilion at Expo 2025 Osaka is celebrating the 70th anniversary of diplomatic relations between Japan and the Kingdom — the two countries first established their partnership on June 7, 1955. 'The relations go beyond a mere economic partnership to reflect the depth and diversity of our ties,' said Ghazi Faisal Binzagr, Saudi ambassador to Japan and the pavilion's commissioner-general. 'Today, we build on the strength of the past and harness the momentum of the present to jointly shape a new vision for the future. With Expo 2025 taking place in Osaka and Saudi Arabia hosting Expo 2030 in Riyadh, our two countries stand at the forefront of global exchange, showcasing the latest innovations and sustainable technologies, and contributing to shaping an inclusive future for all.' The Saudi Pavilion has hosted various business events and highlighted trade opportunities offered by Saudi Vision 2030, strengthening economic ties between the two countries. Additionally, it highlights the Kingdom's role in bringing Japanese culture to the Middle East through local manga studios, whose works will be featured in August. The pavilion aims to draw more Japanese tourists to Saudi Arabia, targeting 30,000 visitors annually before Expo 2030 Riyadh. Saudi Arabia's participation in Expo 2025 Osaka is part of the Saudi-Japan Vision 2030 strategy, which includes more than 80 projects across industries including culture, food, media and entertainment, energy, and education. The pavilion, which offers more than 700 diverse and engaging events such as daily shows and live performances, has attracted more than half a million visitors since it opened in April.
Al Arabiya
16 hours ago
- Al Arabiya
Iran says no sanctions relief in US nuclear proposal
Iran's parliament speaker said on Sunday that the latest US proposal for a nuclear deal does not include the lifting of sanctions, state media reported as negotiations appear to have hit a roadblock. The two foes have held five rounds of Omani-mediated talks since April, seeking to replace a landmark agreement between Tehran and world powers that set restrictions on Iran's nuclear activities in return for sanctions relief, before US President Donald Trump abandoned the accord during his first term in 2018. In a video aired on Iranian state TV, parliament speaker Mohammad Bagher Ghalibaf said that 'the US plan does not even mention the lifting of sanctions.' He called it a sign of dishonesty, accusing the Americans of seeking to impose a 'unilateral' agreement that Tehran would not accept. 'The delusional US president should know better and change his approach if he is really looking for a deal,' Ghalibaf said. On May 31, after the fifth round of talks, Iran said it had received 'elements' of a US proposal, with officials later taking issue with 'ambiguities' in the draft text. The US and its Western allies have long accused the Islamic Republic of seeking to acquire nuclear weapons, a charge Iran has consistently denied, insisting that its atomic program was solely for peaceful purposes. Key issues in the negotiations have been the removal of biting economic sanctions and uranium enrichment. Tehran says it has the right to enrich uranium under the nuclear Non-Proliferation Treaty, while the Trump administration has called any Iranian enrichment a 'red line.' Trump, who has revived his 'maximum pressure' campaign of sanction on Iran since taking office in January, has repeatedly said it will not be allowed any uranium enrichment under a potential deal. On Tuesday, Iran's top negotiator, Foreign Minister Abbas Araghchi, said the country 'will not ask anyone for permission to continue enriching uranium.' According to the UN nuclear watchdog, the International Atomic Energy Agency (IAEA), Iran is the only non-nuclear-weapon state in the world that enriches uranium up to 60 percent – still short of the 90 percent threshold needed for a nuclear warhead. Iran's Supreme Leader Ali Khamenei on Wednesday rejected the latest US proposal and said enrichment was 'key' to Iran's nuclear program. The IAEA Board of Governors is scheduled to meet in Vienna later this month and discuss Iran's nuclear activities.
