FII9 wrapped up Day Two yesterday, attended by Crown Prince Mohammed bin Salman, PIF Governor Yasser Al Rumayyan, and Syria’s President Ahmed Al Sharaa, along with many more business leaders and state representatives. The summit will wrap up today with Day Three, expected to see many agreements and partnerships sealed as businesses get to brass tacks.

THE INVESTMENTS-

#1- Al Futtaim Group unveiled plans to invest SAR 10 bn in Saudi Arabia over the next three years, according to a press release. The new strategy is expected to create over 1k jobs in the kingdom across several sectors, focusing on supporting localization, developing local supply chains, and knowledge transfer.

Which sectors are getting the attention? Al Futtaim is currently investing in the kingdom’s automotive sector, focusing on introducing advanced electric vehicle technologies and sustainable transport solutions. The group is also involved in the retail sector, through its recent acquisition of a 49.95% stake in Cenomi Retail while pouring funds into the real estate sector and ins. and financial services through its unit Orient Insurance.

#2- RSGT x CMA CGM: Red Sea Gateway Terminal and CMA CGM Group will develop and operate the fourth container terminal at Jeddah Islamic Port under a SAR 1.7 bn investment agreement, the Saudi Ports Authority (Mawani) said in a statement. The project will add 2.6 mn TEUs of capacity to the port.

#3- Renewables giant Acwa Power, PIF-owned Badeel, and Saudi Aramco signed financing agreements for five solar power projects with a combined capacity of 12 GW, the PIF said on X. The projects — part of the National Renewable Energy Program — will provide electricity to the Saudi Power Procurement Company through long-term contracts and contribute to the Kingdom’s plan to generate 70% of its renewable energy locally by 2030. Details on the agreements were not disclosed.

#4- BlackRock Saudi Arabia and PIF unveiled new mutual funds available to local and global investors through the BlackRock Riyadh Investment Management platform. The funds launching will focus on Saudi systematic active equities, and MENA fixed income.

..AND THE INSIGHTS-

The PIF’s new 2026–2030 strategy will focus on six “ecosystems” — tourism and entertainment, urban development, advanced manufacturing and innovation, industry and logistics, renewable energy, and Neom as its own ecosystem, Governor Yasir Al Rumayyan said on the sidelines of FII9 (watch, runtime: 14:46). The plan aims to shift PIF’s role from driving economic growth to becoming a national investor that enhances assets and contributes to diversifying the Kingdom’s balance sheet by the 2040s, Al Rumayyan added.

A shift away from gigaprojects: The Kingdom is preparing to pivot the fund away from real estate gigaprojects like Neom to refocus on sectors that can deliver faster, more sustainable returns, Reuters reported, citing a source it said is familiar with the plan. The revised strategy will prioritize logistics, mineral development, religious tourism, and AI — including large-scale data center projects — while maintaining investment in oil, petrochemicals, and renewables to power the transition, the source said.

IN CONTEXT- The Kingdom started to “take stock” of large-scale Vision 2030 spending amid low oil prices and global uncertainty, Finance Minister Mohammed Al Jadaan said in May. The move aims at tackling supply pressures by adopting risk planning and diversifying material sources, as well as adapting timelines to economic conditions. Despite this recalibration, gigaproject contract awards rose 20% in the first eight months of 2025, driven by continued prioritization of developments tied to major events such as the 2030 World Expo and the 2034 Fifa World Cup.

Economy Minister Faisal Alibrahim forecast real GDP growth of 5.1% for 2025, Reuters reported. Non-oil sector growth is expected to reach around 3.8% this year. “But we need to acknowledge we are on a long term restructuring journey. We are prioritizing diversifying our economy away from having to rely on oil, to become a more resilient economy that witnesses sustainable growth that’s driven by productivity, not just by natural resources,” Alibrahim said.

More optimistic than most: The Finance Ministry projects 4.4% growth in 2025 and 4.6% in 2026, while the IMF raised its 2025 forecast to 4% amid expectations of higher oil output.

Humain CEO Tariq Amin is confident the US will greenlight advanced AI chip sales to the Kingdom, saying in an interview with Bloomberg he is “extremely happy” with the progress of talks between Riyadh and Washington. Amin hinted that a decision could be reached as early as November, coinciding with Crown Prince Mohammed bin Salman’s expected visit to the US.

No-China: Humain has provided several security pledges to the US, ensuring that they will never buy equipment from Huawei or other Chinese suppliers, Amin said. Humain has also submitted a “defense package” that is “remarkably different than anything else in this region,” outlining its security framework as Washington continues to restrict AI chip exports to Saudi Arabia and the UAE to prevent transfers to China.

IN CONTEXT- Humain aims to become the world’s third-largest computing capacity provider, behind the US and China, with plans to deploy 18k AI chips by 2026 in its first phase and scale up to 400k by 2030.

Diriyah Gate eyes Syria for broader global role in cultural restoration: Diriyah Gate Company held talks with Syrian officials about contributing to the reconstruction of historic sites in Syria, including Damascus and Aleppo, once its domestic priorities allow, CEO Jerry Inzerillo told Reuters. Diriyah could also expand as a global developer of cultural heritage sites and plans to develop six more sites within the Kingdom.

The company is also planning to IPO after 2030 and expects to attract USD bns of foreign private investment, Inzerillo said. Its flagship project in Riyadh remains on schedule and within budget, with completion targeted by 2030.

Saudi aims to overtake China as the world’s most cost-competitive country in battery energy storage next year, Asharq Business quotes Energy Minister Abdulaziz bin Salman as saying. The Kingdom’s current cost for four-hour storage is approximately USD 409 per kilowatt, which is 77% less than Germany and nearly on par with China’s USD 404 per kilowatt. The Kingdom has launched 30 GWh of battery storage projects, including 8 GW already connected, and increased renewable energy capacity to 64 GW from 3 GW five years ago.

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