The Public Investment Fund (PIF) confirmed that it aims to achieve a strong local industry such as tourism and leisure through raising the fund to SR2 trillion in 2030.
Kirill Dmitriev, the CEO of the Russian Investment Fund, stressed his interest in entering the Saudi market in the presence of investment opportunities described it as "great."
This came in the first session of the Conference of the Future Investment Initiative in Saudi Arabia 2018, under the title "Can business leaders and governments develop a common vision for the future."
Yasser Al-Rumayan, Supervisor of the Public Investment Fund, said that Saudi Arabia is considering investing locally and internationally, and localizing projects in line with national resources, and how to participate in the global economy.
He added that one of the promising objectives of the Fund is to raise the proportion of future projects.
He noted that in line with the vision of 2030, the Fund aims to achieve a 50% share of projects locally and internationally and to look for promising projects and opportunities in various sectors.
Al-Rumayan said in the first session that the Public Investment Fund invested in 50 - 60 companies through the vision of Softbank. He added that there will be an attempt to bring most of these companies to Saudi Arabia.
He pointed out that electric cars increase their share in the market and will work to fund the localization of its industry.
Moreover, Kirill Dmitriev, CEO of the Russian Fund for Direct Investments, expressed his admiration for the " the Kingdom Vision of 2030" and the very important transformation led by Prince Mohammed bin Salman, Crown Prince.
He pointed out that the fund has Russian companies looking to build factories in Saudi Arabia, with the support of Eng. Khaled Al Falih, Minister of Energy, Industry and Mineral Resources.
He said that there are 500 million dollars of energy deals in the joint fund between the two countries.
He pointed out that the Fund carried out joint transactions with the Public Investment Fund by about two billion dollars.
Dmitriev pointed out that the Russian oil companies are interested in entering the Saudi market.
He stressed that the alliance with Saudi Arabia and the emergence of the new framework, "OPEC +" strengthened relations between Russia and Saudi Arabia and contributed to the stability of the oil market.
"Saudi Arabia is investing in some of the infrastructure projects and roads in Russia. The Kingdom is an important partner of Russia," he said.
He said that partnerships between sovereign wealth funds were "a great opportunity." He noted that the Fund has partnerships with 20 sovereign funds in the world, including ten partnerships with the Saudi Public Investment Fund.
Dmitriev considered the conferences and discussions in the investment future initiative of 2018 as an opportunity to discuss investment opportunities and how Saudi Arabia contributes to its vision 2030 and the importance of this vision in the region and the world.
He emphasized that the conference will discuss important investment opportunities.
He added, "We all know that Riyadh has contributed to the stability of oil prices and this is good for both the consumer and the exporter, and many of the work can be done together."
He explained that Russia participated in the activities of the investment initiative drawings of the artist (Wassily Kandinsky), Who is one of the pioneers of modern art.
"It is possible to build cooperation in the fields of art and culture as many Russian entrepreneurs are ready to enter into partnerships with the Kingdom in the fields of investment, technology and infrastructure," he said.
Khaldoon Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company, said the group has two investment funds, the Investment Authority and Mubadala.
Al-Mubarak has estimated Mubadala assets at $ 220 billion in 15 sectors, operations in more than 30 countries and investments in more than 65 companies.
He noted that the company is waiting for the right time to revive the process of listing Spanish oil company "Cepsa."
He noted that Mubadala "could get a better assessment if it postponed the initial public offering."
Al-Mubarak stressed the need to embrace technology instead of fighting it. He noted that technology does not replace jobs but creates new jobs.
He stressed that the company has huge investments in the UAE and around the world.
