{"id":2100,"date":"2026-06-24T08:12:20","date_gmt":"2026-06-24T08:12:20","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2100"},"modified":"2026-06-24T08:12:20","modified_gmt":"2026-06-24T08:12:20","slug":"saudi-pifs-governor-wants-the-kingdom-to-become-a-global-investment-center","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2100","title":{"rendered":"Saudi PIF\u2019s governor wants the kingdom to become a global investment center"},"content":{"rendered":"<div>\n<p>\u201cNow our new strategy is to bring the world back to Saudi,\u201d Yasir Al-Rumayyan, governor of Saudi Arabia\u2019s $1 trillion sovereign wealth fund, the Public Investment Fund\u202f(PIF),\u202ftold a packed auditorium\u202fat the Future Investment Initiative (FII)\u202fPriority\u202fEurope summit\u202fheld\u202fin Rome\u202flast week.\u202f\u00a0<\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2097\">The Strait of Hormuz is \u2018open\u2019 \u2014 but it\u2019s mined, half-empty, and subject to tolls both sides say they might charge<\/a><\/p>\n<p>While\u202fthe\u202fPIF\u2019s\u202fprevious\u202finvestment strategy focused on integrating Saudi Arabia more deeply into the global economy,\u202fthe fund is now\u202fseeking\u202fto make the kingdom\u202fa\u202fcenter\u202fof global economic activity\u202fas outlined in its recently approved\u202f2026\u201330\u202fstrategy.\u00a0<\/p><div><div><div><\/div><\/div><\/div>\n<p>The\u202fPIF\u2014the main driver of Saudi\u2019s multitrillion-dollar Vision 2030 diversification plan\u2014is directing 80% of its capital\u202finto domestic investments, scaling back foreign allocations to 20% from a peak of 30% and deprioritizing costly or slow-yielding\u202fgiga-projects.\u202f\u00a0<\/p>\n<p>Al-Rumayyan\u2019s\u202fremark\u202fcomes\u202fin the wake of a\u202fseries of\u202fsizeble\u202fcutbacks\u202facross some of Saudi\u2019s prized\u202fgiga-projects\u202fsuch as\u202fNeom\u2014an\u202feconomic zone under construction in northwest Saudi Arabia.\u202f\u00a0<\/p>\n<p>Neom\u2019s flagship\u202finfrastructure project\u202f, The Line\u2014originally envisioned as a 106-mile futuristic, linear megacity for 9 million residents\u2014 is to be radically scaled back to measure just 1.5 miles in its first phase, while ski\u00a0resort\u202fTrojena\u202fis also being downsized and will no longer host the 2029 Asia Winter Games,\u202fas planned.\u202f\u00a0<\/p>\n<p>But the kingdom is still grappling with sizeable budgets in preparing to host the\u202fExpo 2030\u202fworld trade fair\u202fand the\u202fFIFA\u202fWorld Cup in 2034.\u202f\u00a0<\/p><div><div><\/div><\/div>\n<p>The Iran war has added fresh urgency to\u202fthe\u202fPIF\u2019s need to sharpen its focus on projects and sectors that are expected to drive returns.\u202fThe\u202f<em>FT\u202f<\/em>reported earlier this year that there would be a\u202fgreater focus on \u201cindustrial\u201d sectors in Neom, including data\u202fcenters.\u202f\u00a0<\/p>\n<p>Reductions in Saudi\u2019s oil exports,\u202fbecause of\u202fthe blockade on the Strait of Hormuz,\u202ffollows years of lower oil prices and growing budget deficits in the kingdom\u2014since 2013, Riyadh has\u202freported one budget surplus\u202fwhen oil prices passed $100 a barrel in 2022.\u202f\u00a0<\/p><div><div><div><\/div><\/div><\/div>\n<p>In helming\u202fthe\u202fPIF, Al-Rumayyan\u202fis trying to\u202fmaintain\u202fa difficult balancing act of funding an expensive economic transformation while coping with lower oil income, fiscal\u202fpressures\u202fand geopolitical uncertainty across the region.\u202f\u00a0<\/p><div><div><\/div><\/div>\n<p>While speaking at the summit, Al-Rumayyan\u202fhighlighted the need for Aramco\u202f\u00a0to\u202fexpand its international oil storage facilities in response to oil market turbulence and called for \u201cenergy realism,\u201d\u202fas I discuss in my online piece here.\u202f<\/p><div><div><\/div><\/div>\n<p>With the ink barely dry, the interim peace deal that was signed last week between the U.S. and Iran has already been put to the test by both sides.\u202f\u00a0<\/p>\n<p>While the Middle East\u202fremains\u202fa geopolitical tinderbox, it is hard to envisage tourists, businesses and foreign investors rushing to fulfill Al-Rumayyan\u2019s\u202fgrand vision of bringing the world to Saudi.\u00a0<\/p>\n<p><em><br\/>melissa.hancock@fortune.com<\/em><\/p>\n<p><em>Get in touch: Reply to this email with feedback or contact me directly at the address above.<\/em><\/p><div><div><div><\/div><\/div><\/div>\n<h3>Is the U.S. counting on the Gulf to rebuild Iran?<\/h3><p><span>The proposed $300 billion fund to rebuild Iran forms a\u202f<\/span><span>key part of the MoU<\/span><span>\u202fsigned between the U.S. and Iran last week\u2014but\u202fit&#8217;s\u202fstill anyone&#8217;s guess who will foot the bill.<\/span><\/p>\n<p>While the text states that the U.S. will work with its regional partners to reconstruct and support Tehran\u2019s economic development, it omits to mention who will\u202factually contribute\u202fto the fund.<\/p>\n<p><span>As a result, it is fast proving to be a flashpoint in the ongoing fragile negotiations.\u202f<\/span><\/p>\n<p><span>In a bid to shore up support from Gulf allies, U.S. Secretary of State Marco Rubio will\u202f<\/span><span>visit several GCC states this week<\/span><span>, while also holding a meeting with the Gulf Cooperation Council\u2014the formal grouping of the six GCC states that also includes Saudi Arabia,\u202fQatar\u202fand Oman. <\/span><\/p><div><div><\/div><\/div>\n<p><span>In an interview with Fox News last week,\u202fU.S. Vice President JD Vance said that\u202f<\/span><span>Tehran will &#8220;never get a dime&#8221;<\/span><span>\u202ffrom American taxpayers under the deal. In a separate interview with CBS News, he said that\u202f<\/span><span>Iran could access money<\/span><span>\u202ffunded by the \u201cGulf Coast Coalition\u201d\u202fif it\u202fcomplies with\u202fthe terms that will be hammered out during the 60-day period of negotiations.\u202f<\/span><\/p>\n<p><span>Aside from mis-naming the Gulf Cooperation Council, the comment has also caused tensions with senior Gulf officials who, to date, have refused to confirm any commitment.\u202f<\/span><\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2095\">Now she\u2019s worth $200 million. But Sarah Jessica Parker says being \u2018one of eight kids that struggled financially\u2019 growing up created her work ethic<\/a><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>Asked about the fund last week, Saudi Foreign Minister Prince Faisal bin Farhan said that rebuilding trust would need to take priority \u201cbefore any concept of economic cooperation, mutual investment or anything like that can rationally be addressed.\u201d<\/span><\/p>\n<p><span>Meanwhile, in his weekly press briefing, Qatar\u2019s Foreign Ministry\u202fspokesman\u202fMajed al-Ansari\u202f<\/span><span>dismissed reports<\/span><span>\u202fthat Doha has contributed to the fund.\u202f<\/span><\/p><div><div><\/div><\/div>\n<p><span>Aside from the sensitivities of asking the Gulf states to help rebuild a country which rained down missiles on their own infrastructure, regional leaders fear that injecting massive amounts of capital into Iran could be misdirected towards rebuilding its military capacity and empowering its proxy networks.<\/span><\/p>\n<p><span>On the other hand, a commitment to long-term investment could potentially help bring about further de-escalation\u202fand also\u202fgrant Gulf countries access to lucrative opportunities in Iran&#8217;s energy,\u202flogistics,\u202fmanufacturing\u202f, and transport sectors.<\/span><\/p>\n<h3>DP World\u202fin talks\u202fto\u202foperate U.S. container port after\u202f20-year hiatus\u202f<\/h3><p><span>Dubai-based port and\u202flogistics\u202fgiant DP World is\u202f<\/span><span>in exclusive talks<\/span><span>\u202fto<\/span><span>\u202fdesign, build, and\u202foperate\u202fa new terminal at the Port of Corpus Christi in Texas<\/span><span>.\u202f<\/span><\/p>\n<p><span>Today,\u202fCorpus Christi ranks as one of the most significant U.S. ports by overall tonnage. In 2025, it\u202f<\/span><span>m<\/span><span>oved over 203 million tons of cargo<\/span><span>,\u202flargely composed\u202fof petroleum products, chemicals, and agricultural goods.\u202f<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>\u201cThe Port of Corpus Christi presents a significant opportunity to expand container capacity, strengthen supply chain connectivity, and create new pathways for American businesses to access global markets,\u201d said Brian Enright, CEO of DP World in the Americas. <\/span><\/p>\n<p><span>If approved, the project would mark DP World\u2019s\u202f<\/span><span>first container terminal development on the U.S. Gulf Coast and its second attempt to\u202f<\/span><span>operate\u202fa U.S. container port after a 20-year hiatus.\u202f<\/span><\/p>\n<p><span>In 2006, DP\u202fWorld\u2019s\u202fill-fated purchase of\u202f<\/span><span>British company P&amp;O and its U.S. subsidiary<\/span><span>\u2014<\/span><span>which granted it operational leases\u202ffor\u202fsix major U.S. seaports<\/span><span>\u2014<\/span><span>caused uproar in Congress over fears that it might compromise the security of critical infrastructure. Just one month later,\u202f<\/span><span>DP World\u202f<\/span><span>agreed to divest and transfer<\/span><span>\u202fall U.S. port operations to a U.S.-based entity.\u202f<\/span><\/p>\n<p><span>It has since\u202fmaintained\u202flogistics\u202foperations in Pennsylvania and\u202fNorth Carolina and\u202fcurrently uses Vancouver as its main entry point for cargo into the U.S., via rail to Chicago and elsewhere.<\/span><\/p><div><div><\/div><\/div>\n<h3>Dubai invites contractors for $9.2 billion Metro Gold Line\u202f<\/h3><p><span>While negotiations on the U.S.-Iran deal remain on shaky ground, Dubai is not letting the uncertainty derail its growth plans.<\/span><\/p>\n<p><span>Dubai\u2019s Roads and Transport Authority\u202f<\/span><span>(RTA) has invited contractors<\/span><span>\u202fto\u202fsubmit\u202ftheir qualification statements\u202f<\/span><span>for the contract to build the emirate\u2019s new Gold Line metro, which is expected to cost\u202f<\/span><span>$9.2bn<\/span><span>.<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>First announced in April and scheduled for completion in September 20<\/span><span>32, the\u202fGold Line Metro is Dubai\u2019s largest transportation project and will expand the total length of\u202fits\u202ftransit system by 35%.<\/span><\/p>\n<p><span>In October last year,\u202fthe RTA <\/span><span>selected\u202fU.S.-based engineering firm Aecom<\/span><span>\u202fto provide consultancy services for\u202fthe project after it\u202fsubmitted\u202fthe lowest-priced offer at AED628 million ($171 million).\u202f<\/span><\/p><div><div><\/div><\/div>\n<p><span>In February this year, the RTA\u202fsigned\u202fan\u202f<\/span><span>agreement<\/span><span>\u202fwith Elon Musk\u2019s\u202fThe\u202fBoring Company to begin construction of the Dubai Loop transport tunnel project using the advanced tunneling technologies pioneered by the U.S.\u202fbusiness.\u202fWorks are expected to begin in the second half of this year.<\/span><\/p>\n<p><span>Dubai is racing ahead with plans to build out its infrastructure in a bid to ease congestion\u2014<\/span><span>now a mainstay of Dubai\u2019s roads\u2014and\u202f<\/span><span>improve transport efficiency<\/span><span>\u202facross\u202fhigh-density urban areas. \u202f<\/span><\/p>\n<p><span>The Gold Line will constitute the city&#8217;s first fully underground metro line\u202fand\u202fis expected to serve around 1.5 million residents through 18 stations.<\/span><\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2093\">SK Hynix briefly tops Samsung as Korea\u2019s most valuable company\u2014and it\u2019s reportedly eyeing a U.S. listing as soon as August<\/a><\/p>\n<h3>The Big Number<\/h3><p><div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-2099\" height=\"679\" src=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/5702229db78cf3445cbb7e28c1e3198d-1024x679.webp\" width=\"1024\" srcset=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/5702229db78cf3445cbb7e28c1e3198d-1024x679.webp 1024w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/5702229db78cf3445cbb7e28c1e3198d-300x199.webp 300w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/5702229db78cf3445cbb7e28c1e3198d-768x509.webp 768w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/5702229db78cf3445cbb7e28c1e3198d.webp 1183w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div><\/p><div><div><div><\/div><\/div><\/div>\n<h3>The 3 things we enjoyed reading this week<\/h3><ul>\n<li><span><span>of caution amid the current stock market euphoria. The<\/span><span>CEO<\/span><span>\u00a0and\u00a0<\/span><span>Chairman<\/span><span>\u00a0of the U.S.\u2019 largest lender<\/span><span>\u202fsaid he was concerned about the shifting \u201ctectonic plates\u201d shaping the U.S. economy\u2019s trajectory over the much longer term.<\/span><\/span><\/li>\n<li><span><span>Trump has threatened to  if a final deal with Iran\u202f<\/span><span>isn\u2019t<\/span><span>\u202freached in 60 days, saying the money would be for \u201cservices rendered as the Guardian Angel to the countries of the Middle East.\u201d<\/span><\/span><\/li>\n<li><span><span>Trump may have declared the Strait of Hormuz open, but .\u202fUnderwater mines\u202f<\/span><span>remain<\/span><span>\u202fa threat, along with navigational risks like collision, especially if\u202f<\/span><span>there\u2019s<\/span><span>\u202fa mass rush among ships to try exiting at once.<\/span><\/span><\/li>\n<\/ul>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>After deploying billions in capital around the world, Saudi now wants to attract global investment to the kingdom  <\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-2100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortune-gulf-brief"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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