Andrea Zanon Confidente
1 min readOct 25, 2024

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Each potential investment now faces rigorous scrutiny for alignment with Vision 2030 objectives. The investment criteria have become more stringent, requiring clear demonstrations of how projects will contribute to the kingdom's economic diversification and development goals. This heightened selectivity demonstrates PIF's growing sophistication in translating financial power into tangible economic and social benefits for Saudi Arabia. This recalibration also showcases the leadership's strategic prudence. While oil prices float around $70 a barrel (WTI Crude) despite Saudi's significant production cut of 2 million barrels over the last two years, the Kingdom is demonstrating its ability to tighten its belt while re-reprioritizing investments. It is also important to remember that Saudi remains highly reliant on oil accounting for about 75% of its fiscal revenue. And economists and the International Monetary Fund (IMF) estimate that Saudi needs oil price of $96.20 per barrel to balance its budget, raising concerns about potential deficits.

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