RIYADH: The Saudi Public Investment Fund has created half a million jobs through its 54 companies operating in 10 different sectors, according to its governor, Yasir Al-Rumayyan.
While speaking at the FII Priority Summit in New York on September 22, Al-Rumayyan, who is also chairman of the Future Investment Initiative, said the ultimate goal of the PIF was to generate even more investment opportunities. use.
“We want to create 1.8 million jobs, and these are quality jobs. It’s not just the numbers we’re looking at, but the quality of those numbers, the quality of those jobs,” Al-Rumayyan said.
He added that the PIF plays a major role in boosting the Saudi economy.
Al-Rumayyan further noted that the PIF has a dedicated initiative to ensure that the goals set every five years are met, and he will also set the goals for the next half-decade cycle.
“We insure every five years; the first time in 2017 and the second time in 2021, and it is something called the vision realization program,” Al-Rumayyan said, adding, “It is a public document that we have on our website, and in this document we put our focus on exactly what we want to do in the next five years.
“We have achieved the first objectives of the first vision realization program,” he said.
The PIF governor noted that the Saudi wealth fund has six investment pools; four pools that invest domestically and two pools that invest abroad.
He pointed out that PIF has promising Giga projects, as well as strategic investments and a balanced portfolio.
According to Al-Rumayyan, global warming is not the only concern that needs to be addressed, as importance needs to be given to the global ecosystem.
“You can’t say the fossil fuel industry is bad and bad for the world because without it the world would stop moving. The agricultural sector emits a lot of carbon dioxide, does that mean the agriculture is a bad thing? Of course not. We need to find the right solutions to mitigate these risks,” Al-Rumayyan said.
He revealed that Saudi Aramco – of which he is also chairman – is one of the lowest emitting oil and gas producers in the world.
“We emit 10.5 kilograms of carbon dioxide per barrel, compared to the industry average of 25 kilograms,” he added.
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