Latest news with #YasirAlRumayyan
Arab News
21-05-2025
- Business
- Arab News
Saudi Arabia's PIF halts Swiss financial market investments over Credit Suisse fallout
RIYADH: Saudi Arabia's Public Investment Fund will no longer allocate capital to Switzerland's financial markets, two years after suffering losses from the collapse of Credit Suisse. During the FII PRIORITY Europe Summit in Albania, PIF Gov. Yasir Al-Rumayyan said that the decision was driven by the manner in which Swiss regulators handled the 2023 government-backed rescue of Credit Suisse by UBS Group, reported Bloomberg. The abrupt deal was executed without shareholders' approval, impacting investors across the Middle East. PIF, one of the world's largest sovereign wealth funds, is reassessing its investment strategy amid growing concerns over regulatory stability and investor protection. The fund's decision to halt investments in Switzerland's financial markets marks a significant shift in its approach, underscoring the long-term impact of the 2023 Credit Suisse collapse on regional and institutional investor confidence. PIF also continues to expand its footprint across Europe, signaling a redirection of capital. 'We're not going to invest in the financial markets in Switzerland. If you change something overnight and wipe out all of your investors, this is a big red flag,' Al-Rumayyan said, as reported by Bloomberg. The remarks were made during an on-stage discussion with Noel Quinn, newly appointed chairman of Zurich-based Julius Baer Group Ltd. Quinn responded: 'As the chairman of a Swiss bank as of 10 days ago, that concerns me.' The 2023 acquisition of Credit Suisse was finalized rapidly following a sharp decline in its stock price. The plunge became worse after former chairman of the Saudi National Bank, Ammar Al-Khudairy, said the bank would 'absolutely not' be open to further investments in Credit Suisse. 'The deal didn't receive approval from either Credit Suisse or UBS shareholders as regulators and lawmakers rushed to contain a crisis of confidence that was spreading across global markets,' according to Bloomberg. At the time, shareholders from the Middle East, including SNB and the Qatar Investment Authority, collectively held around 20 percent of Credit Suisse. SNB, which was the largest shareholder in the Swiss lender, had called on Credit Suisse to reject the offer from UBS, Bloomberg reported. Other investors had cautioned that the Swiss government's decision to override standard merger procedures and sideline shareholder votes could deter institutional investors. Legal analysts also warned that the rushed nature of the transaction had undermined Switzerland's standing as a reliable investment destination where the rule of law is safeguarded. Al-Rumayyan's remarks came as PIF announced plans to open a subsidiary office in Paris and committed to doubling its investments in Europe to $170 billion by the beginning of the next decade. The fund has already deployed approximately $85 billion across the region between 2017 and 2024, making strategic investments in key European economies, including the UK, France, and Italy.
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Saudi PIF Gathers 1,000 Global Executives for Board Forum
The Public Investment Fund has held the second edition of the Directors' Gathering, bringing together more than 1,000 top executives from Saudi Arabia and around the world to align on priorities between PIF and its portfolio companies, as well as to exchange insights and enrich the PIF ecosystem. The Directors' Gathering focused on optimizing board performance and fostering collaboration among PIF portfolio companies and their stakeholders. Held in Riyadh, the event involved directors and executives from approximately 220 PIF portfolio companies, of which PIF has created and established 103, in line with part of its mandate to drive Saudi Arabia's economic transformation. 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. In his speech, he also stressed the importance of collaboration among companies in the PIF ecosystem, reminding delegates that collaboration should be seen as the main measure of success. He urged directors to begin seeing PIF and its 220 portfolio companies as a single ecosystem and use this thinking to benefit from the variety of strengths and experiences across PIF and its companies. During the day-long forum, directors and executives discussed topics such as redefining board impact in the context of national transformation, continuously strengthening oversight in a changing risk landscape, planning for management succession, and navigating the governance issues which AI and other burgeoning technologies present. Delegates also emphasized the importance of a growth mindset as well as the potential for synergies given the untapped potential in the PIF ecosystem and the private sector. PIF offers a comprehensive governance guide for its fully owned companies, to ensure that portfolio companies work according to the best practices and standards. PIF's strategy for portfolio companies stresses merit-based hiring and quality performance. The strategy also clarifies the separate roles and duties of management and board to enable creativity and accountability. The forum is part of PIF's wider corporate excellence program, which includes the Center for Governance, founded in 2020. The center is a dedicated platform offering board members, from both within and outside the PIF ecosystem, guidance and development opportunities with the aim of using corporate governance to create sustainable value in Saudi Arabia and globally. The center provides its services through three main business lines: development programs, advisory services, and research. It equips directors and company secretaries with the knowledge and tools they need to ensure and build on effective governance through more than 70 tailored programs on relevant subjects including IPO preparation, sustainability, board effectiveness and audit oversight. PIF's work to spread best practice in corporate governance is designed to spur innovation throughout the local private sector and make Saudi Arabia an ever more attractive place for international companies to do business. As one of the world's most impactful investors, PIF enables the creation of key sectors and opportunities that help shape the global economy while driving Saudi Arabia's economic diversification. Launched in 2023, the PIF Directors' Gathering serves as a cornerstone for collaboration, insight-sharing, and advancement of boardroom excellence, not only across PIF and its portfolio companies but also more broadly. It contributes to the dialogue on effective governance and board leadership at both regional and global levels.
Arabian Business
20-05-2025
- Business
- Arabian Business
Saudi wealth fund PIF opens Paris office to boost European investments
Saudi wealth fund Public Investment Fund (PIF) announced the opening of a new subsidiary company office in Paris, expanding its global presence and deepening ties in France. The new office reflects PIF's approach to engaging closely with local partners, leading businesses and institutional investors, the fund said. #PIF today announced the opening of a new subsidiary company office in Paris, expanding its global presence and deepening ties in France, a priority international market. — Public Investment Fund (@PIF_en) May 19, 2025 French President Emmanuel Macron and PIF Governor Yasir Al-Rumayyan were among the dignitaries expected to attend the opening ceremony, which coincides with the annual 'Choose France' event hosted in Paris. The addition of Paris aligns with PIF's strategy to drive global economies and lead the economic transformation of Saudi Arabia, the fund said. The new office will enable PIF to further strengthen its partnerships in the region, it added. PIF has previously opened subsidiary company offices in New York, London, Hong Kong and Beijing, and has approximately 220 portfolio companies. As one of the world's most impactful investors, PIF has created more than 1.1 million direct and indirect jobs domestically and globally. PIF said it is also committed to building new partnerships with a diverse range of leading international institutions. PIF, an active, long-term investor in the world's most innovative and transformational industries, businesses and markets, invested $84.7 billion across Europe between 2017 and 2024, the fund said.
Zawya
19-05-2025
- Business
- Zawya
Saudi PIF opens office in Paris to deepen Europe business ties
Saudi Arabia's Public Investment Fund (PIF) has opened a new subsidiary company office in Paris to deepen its business ties with Europe. The office will drive the sovereign fund to engage closely with local partners, businesses and institutional investors, PIF said in a statement. The Paris office will also allow the fund to strengthen its regional partnerships further. Speaking at the FII Priority Summit in Albania, PIF Governor Yasir Al-Rumayyan said Saudi Arabia expects investments in Europe to surge to $170 billion by 2030. The PIF has deployed $85 billion in Europe between investments and procurements since 2017 until 2024, he said. The fund has invested $8.6 billion in France, which added $4.8 billion to the nation's GDP and created 29,000 direct and indirect jobs for the French economy. Overall, the PIF has created 254,000 direct and indirect jobs in Europe. The current impact of the existing investments on Europe's gross domestic product (GDP) stands at $52 billion, which is expected to reach $ 105 billion by 2030. However, Al-Rumayyan said some European regulations are anti-investment, hoping that some of the different European countries' leaders will push for changes in these regulations and make them more business-friendly. 'The potential in Europe is really great,' he stated. PIF already has subsidiary company offices in New York, London, Hong Kong and Beijing, and has 220 portfolio companies.
Zawya
19-05-2025
- Business
- Zawya
PIF chief calls for ecosystem mindset among directors at second Directors' Gathering
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. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
