Saudi Arabia’s Public Investment Fund (PIF) is looking to grow its portfolio exponentially to have assets worth $2 trillion under management by 2030, the investment vehicle’s managing director and board member Yasir bin Othman al-Rumayyan, told the Future Investment Initiative (FII).

The PIF’s short-term target is to achieve $400bn worth portfolio by 2020, he said.

“On the international front, we just started four years ago. Prior to that 98-99 per cent of our assets were allocated domestically. Today, we are almost 10 per cent international. Eventually, in the medium-term we want to take that to 25 per cent global versus 75 per cent domestic. By 2030 we would like to be 50:50,” Al-Rumayyan said.

“That doesn’t mean we are scaling down on our domestic investments. We will have a lot of new investments locally and internationally,” he clarified.

He added that the investment returns PIF generates from companies and funds such as Uber and Japanese Softbank’s $100bn Vision Fund, “is very difficult to achieve in conventional sectors”.

Al-Rumayyan also cited the fund’s investments in companies like US-based electric vehicles (EV) manufacturer Lucid, as well as Magic Leap, an augmented reality startup also based in the US.

However, he also said, “Our focus on building our technology portfolio is only medium-term. We are looking at investing in conventional sectors like infrastructure and hospitality. In PIF, we have six different verticals, one of which is giga projects.”