Saudi Arabia's Public Investment Fund to Announce New Five-Year Strategy

Saudi Arabia's Public Investment Fund (PIF) is set to unveil a new strategic plan for the years 2026 to 2030 this week. According to Ming Pao, this initiative marks the most significant shift in direction since Crown Prince Mohammed bin Salman launched the "Vision 2030" economic transformation plan in 2016. Insiders have revealed that the new strategy will focus on developing industries such as mining, artificial intelligence (AI), and tourism. Additionally, the plan includes scaling back on some large-scale projects with high expenditures and making partial adjustments to existing plans. This strategic shift aims to align with the broader goals of economic diversification and modernization outlined in the Vision 2030 framework. The PIF's new direction is expected to play a crucial role in driving Saudi Arabia's economic growth and reducing its reliance on oil revenues.