DUBAI — Saudi Arabia aims to attract more Japanese businesses as it seeks foreign investment to support its wide-ranging economic transformation, the head of the kingdom’s sovereign wealth fund said on Monday.
The Public Investment Fund (PIF), which is valued at nearly $925 billion, is preparing to shift its focus away from major real estate developments that have been central to its plans over the past decade. Instead, the updated strategy will prioritize sectors such as logistics, mining, religious tourism, and artificial intelligence, according to earlier reporting by Reuters.
PIF Governor Yasir Al-Rumayyan said Japan was once among Saudi Arabia’s biggest partners, and Riyadh intends to restore that level of cooperation by encouraging more Japanese firms to engage with the kingdom.
He noted that the fund invested around $11.5 billion in Japan between 2017 and 2024, and expects this to rise to approximately $27 billion by 2030.
Al-Rumayyan, speaking at the Future Investment Initiative Priority summit in Tokyo, added that the PIF’s latest five-year plan, which runs through 2030, has recently received board approval.
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