Saudi Arabia’s PIF Incorporates Artificial Intelligence in All Operations
RIYADH — Saudi Arabia’s almost $1 trillion Public Investment Fund (PIF) said on Wednesday that artificial intelligence and automation were now incorporated into “every layer” of its operations, redefining investment strategy and implementation.
The move comes as part of the Kingdom’s wider drive to place cutting-edge technologies at the center of its economic transformation diversifying the basis of growth from oil to algorithms.
In its 2024 annual report, the PIF characterized AI as a game-changer catalyst in decision-making, capital allocation, and value measurement. The report cited the fund’s embracing of an AI-driven valuation platform to expedite and enhance private market investment valuations, developing a proprietary large language model for real-time reporting, and applying AI tools to evaluate asset managers and portfolio optimization.
At the close of 2024, the PIF had assets under management of 3.424 trillion riyals ($912.6 billion), down from 4.321 trillion riyals in June, due to the implementation of new accounting rules.
Charged with spearheading economic diversification as part of Crown Prince Mohammed bin Salman’s Vision 2030, the PIF has gone far beyond the usual public equities and infrastructure investments.
Its holdings feature significant stakes in international giants such as Uber, Lucid Motors, and Nintendo, and prominent sports investments like LIV Golf and Newcastle United. Locally, the fund is supporting giga-projects like NEOM and pushing forward strategic industries like tourism, logistics, and clean energy.
By integrating AI across all its operations, the PIF seeks to establish new benchmarks in efficiency and innovation in management of sovereign wealth, as a global leader in technology-enhanced investment.
verified from sources:thearabweeklyzawya