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The governor of Saudi Arabia’s Public Investment Fund (PIF) and chairman of Saud Aramco has said that the PIF is driving economic transformation at a scale never seen before.

Speaking at the opening of the Future Investment Initiative (FII) conference in Riyadh on 24 October, Yasir al-Rumayyan said: “The level of our ambition and the strength of our economy means we are well placed to do so. Saudi Arabia has witnessed 8.7 per cent GDP growth in 2022, the highest among the G20 countries.

“At PIF, we are driving transformation at a scale that has never been seen before, sparking a new era of economic growth and opportunity.”

According to its 2022 annual report, the PIF has SR2.2tn ($596bn) of assets under management.

For projects in Saudi Arabia, the PIF is the backbone of the kingdom’s five gigaprojects. Saudi Arabia’s five official gigaprojects have awarded $45bn of construction contracts since they were launched, according to MEED’s Saudi Gigaprojects Tracker compiled using data from regional projects tracker MEED Projects.

The fund has also invested in companies in Saudi Arabia. Earlier this year, it invested in four construction companies: Al-Bawani, Almabani, El-Seif Engineering Contracting and Nesma Partners.