Latest news with #YasirAl-Rumayyan
Leaders
21-05-2025
- Business
- Leaders
PIF's Al-Rumayyan, France's Macron Open Paris Office
The Governor of the Saudi Public Investment Fund (PIF), Yasir Al-Rumayyan, and the President of France, Emmanuel Macron, opened PIF's subsidiary company office in Paris. On Wednesday, Al-Rumayyan and Macron attended the opening ceremony, alongside high dignitaries and business officials from Saudi Arabia and France. The opening ceremony coincided with the annual 'Choose France' event hosted in Paris. By opening a new subsidiary company office in Paris, the PIF expands its global footprint and strengthens ties with France, a major international market. The move also underscores the PIF's commitment to enhancing engagement with local partners, key businesses and institutional investors. Importantly, the new subsidiary company office will foster the PIF's partnerships across Europe. The PIF invested $84.7 billion in Europe, between 2017 and 2024, injecting $52 billion to the continent's GDP and generating more than 254,000 direct and indirect jobs across Europe. France's share of these investments amounted to $8.6 billion, adding $4.8 billion to the country's GDP and creating 29,000 direct and indirect jobs for the French economy. Furthermore, the new office in Paris aligns with the PIF's strategy to propel global economic growth and spearhead Saudi Arabia's economic transformation. The Paris office adds to the PIF's subsidiary company offices in New York, London, Hong Kong and Beijing. The PIF also has around 220 portfolio companies, which contributed to creating more than 1.1 million jobs across the Kingdom and worldwide. Short link :
Leaders
19-05-2025
- Business
- Leaders
PIF Opens Paris Office to Boost Global Growth, France Ties
The Public Investment Fund (PIF) has announced the opening of a new subsidiary office in Paris, reinforcing its global expansion strategy and deepening its presence in France one of its key international markets. This move reflects PIF's commitment to building close relationships with local partners, leading companies, and institutional investors. The opening ceremony will be attended by French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and other senior officials and business leaders. The event coincides with the annual 'Choose France' summit held in Paris. As a long-term investor in transformative industries and markets worldwide, PIF views the Paris office as a strategic step toward enhancing regional partnerships. According to the announcement, from 2017 to 2024, PIF invested $84.7 billion across Europe, contributing $52 billion to the continent's GDP and generating more than 254,000 direct and indirect jobs. In France alone, PIF's investments totaled $8.6 billion, adding $4.8 billion to the French GDP and creating 29,000 jobs. The Paris office opening is aligned with PIF's broader strategy to support global economic development while driving Saudi Arabia's economic transformation. With over 220 portfolio companies and a global footprint that includes offices in New York, London, Hong Kong, and Beijing, PIF has already created over 1.1 million jobs worldwide. The fund remains dedicated to forging new partnerships with a wide array of international institutions. Related Topics : PIF Drives Women's Golf Revolution with New Global Series Partnership Saudi PIF Eyes $100M Investment in AirAsia to Boost Regional Tourism Global Golf Stars Gear Up for Fierce Showdown at Saudi PIF Women's Championship Saudi Arabia's Golfing Showcase: PIF Saudi International 2024 Launches in Riyadh Short link : Post Views: 123
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
PIF opens Paris office to expand European investment footprint
Saudi Gazette report PARIS — The Public Investment Fund (PIF) of Saudi Arabia announced the opening of a new subsidiary office in Paris, reinforcing its global footprint and signaling deeper engagement in one of its key international markets. The Paris office will serve as a strategic base for strengthening partnerships with leading companies, investors, and institutions across Europe. The official opening will coincide with the launch of the annual Choose France summit and will be attended by French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and several senior officials and business leaders. The move highlights PIF's commitment to international collaboration and long-term investment in innovative and transformative sectors. Between 2017 and 2024, PIF invested $84.7 billion in Europe, contributing $52 billion to the continent's GDP and creating over 245,000 direct and indirect jobs. In France alone, PIF has invested $8.6 billion during the same period, adding $4.8 billion to French GDP and generating more than 29,000 jobs. The Paris expansion aligns with PIF's broader strategy to drive global economic growth while supporting Saudi Arabia's Vision 2030 goals. The fund, one of the world's most influential investors, has played a key role in creating more than 1.1 million job opportunities globally through its investments and partnerships. PIF's global presence now includes offices in New York, London, Hong Kong, Beijing, and Paris.
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
PIF chief calls for ecosystem mindset among directors at second Directors' Gathering
Saudi Gazette report RIYADH — Public Investment Fund (PIF) Governor Yasir Al-Rumayyan called on directors to treat PIF and its 220 portfolio companies as a single, integrated ecosystem, during the second edition of the PIF Directors' Gathering held Monday in Riyadh. Bringing together over 1,000 directors and executives from Saudi Arabia and abroad, the forum aimed to align strategic priorities and foster collaboration across the PIF network. Al-Rumayyan emphasized that cooperation among the portfolio companies should be considered a key measure of success. The event focused on optimizing board performance and enhancing synergies across PIF's portfolio — which includes 103 companies established directly by the sovereign fund. Discussions centered on redefining board impact amid national transformation, strengthening oversight in a changing risk environment, and addressing the governance challenges posed by AI and emerging technologies. Al-Rumayyan outlined three main board responsibilities: setting strategy, ensuring governance frameworks for management, and performance monitoring. He stressed that embracing these roles collectively can help transform macroeconomic challenges into leadership and growth opportunities. The gathering is part of PIF's broader corporate excellence strategy, including the work of its Center for Governance, established in 2020. The center offers development programs, advisory services, and thought leadership to support effective governance across both PIF-owned entities and the wider Saudi private sector. The fund's governance framework promotes merit-based hiring, accountability, and board-management clarity. It also aims to position Saudi Arabia as a global business destination and innovation hub. Since its launch in 2023, the PIF Directors' Gathering has served as a platform for enhancing boardroom excellence and aligning long-term objectives across the Kingdom's investment landscape.
Saudi Gazette
18-05-2025
- Business
- Saudi Gazette
PIF chief warns Europe over 'outrageous' sustainability rules
Saudi Gazette report TIRANA, Albania — The Governor of Saudi Arabia's Public Investment Fund (PIF), Yasir Al-Rumayyan, called the EU's upcoming sustainability regulations 'outrageous' and cited a regulatory decision in Switzerland that impacted PIF's investment in Credit Suisse as a major warning sign for future investment. Speaking at the FII Priority Summit in Tirana on Saturday, Al-Rumayyan warned that the European Union's sustainability rules — which include more than 1,000 compliance metrics — are creating an environment of risk and uncertainty for global investors. He cautioned that the new regulations, set to take effect in 2028 after a two-year delay, could lead to disinvestment from the region. 'The regulation is saying if you're not compliant, you will be penalized not only for your operation in Europe, but you will be penalized on the parent company — 5% of your top line,' he said. 'This is really outrageous for a lot of investors.' He criticized the scope and retroactive nature of the rules, arguing that the lack of predictability is the 'biggest single inhibitor' to both public and private sector financing in suggested that such regulatory frameworks might push businesses to relocate operations outside the a specific case, he pointed to PIF's investment in Credit Suisse, where a sudden change in Swiss regulations effectively wiped out the fund's position.'We owned about 5% of Credit Suisse. Overnight, the Swiss regulator changed the law — 150 years of rule of law was changed overnight. And they wiped out all investors,' he said. 'This is a big red flag.'He added that such abrupt regulatory shifts undermine investor confidence and damage Europe's reputation as a stable destination for the criticisms, Al-Rumayyan emphasized PIF's deep engagement with Europe over the past seven years. Since 2017, the fund has deployed $85 billion in investments and procurement across the EU, with plans to increase that figure to $170 billion by 2030.'Our impact on EU GDP currently stands at $52 billion,' he said. 'By 2030, this will grow to $105 billion. Through these investments, we've created about 254,000 direct and indirect jobs.'He concluded with a call for European leaders to foster a more stable and welcoming business environment.'We want to continue investing here. But we need clarity. We need consistency. The way forward is to pave the way for investors and businesses to come in, grow, and maintain their current investments.'
