PIF to raise investments in Japan to $27bn by 2030

Saudi Arabia’s Public Investment Fund plans to increase its investments in Japan to $27 billion by the end of 2030, PIF governor Yasir Al-Rumayyan has said.

The sovereign wealth fund has been investing in Japan since 2017, with the total investment reaching $11.5 billion by the end of 2024, he told the Future Investment Initiative Asia Priority Summit in Tokyo.

Japan is a major partner of Saudi Arabia, with 39 percent of Japan’s oil imports coming from the kingdom, he said.

PIF’s investments directly contributed $6.7 billion to Japan’s GDP by the end of 2024 and the number will reach $16.6 billion by the end of 2030, the governor said.

“Asia was big for us,” Al-Rumayyan said, adding the fund wants better relationships, procurement processes and access to the supply chain with Asia. 

He said Saudi Arabia is seeking to attract more Japanese companies to work in its economy through PIF, which is focusing on six priority areas.

These are travel, tourism and entertainment; urban development and liveability; advanced manufacturing and innovation; industrial and logistics; clean energy and renewable infrastructure; and the Neom giga-project.

Further reading:

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Saudi Arabia is developing a Dragon Ball and anime-themed park at its Qiddiya entertainment city in partnership with Japan, Al-Rumayyan said.

In November 2024 PIF signed memorandums of understanding worth up to $51 billion with five Japanese banks. 

The deals were part of the fund’s strategy to boost financial collaboration globally and enhance cooperation in finance and investment.