PIF and BlackRock chiefs reveal investment targets in Riyadh

Yasir Al-Rumayyan, CEO of the Kingdom’s Public Investment Fund (PIF). (Photo courtesy: screen grab)
Updated 24 October 2017
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PIF and BlackRock chiefs reveal investment targets in Riyadh

LONDON: Saudi Arabia’s Public Investment Fund (PIF) is targeting annual returns of between 3 and 9 percent across its portfolios in the long term, its managing director said on Tuesday.
Yasir Al-Rumayyan was speaking at the opening session of a major conference hosted by the PIF in Riyadh.
Panelists included BlackRock Chairman Larry Fink, IMF Managing Director Christine Lagarde and Victor Chu, CEO of First Eastern Investment Group.
They were quizzed on their outlook for investment returns as individuals and states worldwide grapple with how to ensure sufficient retirement fund during an extended period of low growth across global economies.
Al-Rumayyan said that some assets could reach annual returns in the low teens.
“We don’t want to be a sitting duck to be shot down by only being in conventional investments. We want to go beyond – that is what Vision 2030 is all about.”
He also revealed that he wants the Future Investment Initiative to become an annual event which would help the Kingdom prepare for the future.
BlackRock’s Fink warned: “Long term growth rates are decelerating quite rapidly and this is going to present pension funds with bigger liability issues – but this is also one of the reasons we have to address this issue of retirement today with expected returns — whether it’s 4, 6 or 8 (percent).
“It means you have to put money away sooner to get to the expected pool of money you want in retirement.”
Asked about his own forecasts for what was possible and realistic as an investment return, he said: “The BlackRock Investor Institute came out with a 10-year forecast of 4 percent – with a balanced portfolio. I tend to think it will be closer to 6 percent. We’re in a world of low inflation.”
Dozens of the biggest names in global business have arrived in the Kingdom for the Future Investment Initiative (FII), which is being hosted by the Public Investment Fund (PIF) — the body that is spearheading a slew of economic reforms.
Saudi Arabia is undergoing unprecedented economic and social reforms as the Kingdom seeks to reduce reliance on oil and gas revenues while creating thousands of new jobs for a youthful population.


Muslim World League chief honored for strengthening ties between Islamic world, Russia

Updated 24 July 2019
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Muslim World League chief honored for strengthening ties between Islamic world, Russia

 

MOSCOW: The Institute of Oriental Studies of the Russian Academy of Sciences has awarded the secretary-general of the Muslim World League (MWL), Dr. Mohammad bin Abdul Karim Al-Issa, an honorary doctorate in recognition of his efforts to strengthen the relationship between the Islamic world and Russia.

Prof. Vitaly Naumkin, the director of the institute, who represents one of the most well-known academic institutions in the world over the past 200 years, talked about Al-Issa’s career, noting that he has contributed to the promotion of cultural rapprochement among nations through his visits to countries and his connections with different cultures and religions.

Naumkin said that the principles of moderation adopted by the MWL and its secretary-general contributed to the establishment of security in the world, noting that these principles addressed extremism and violence.

The honorary doctorate was given to Al-Issa for his services in the development of Islamic jurisprudence and improving official and popular relations between Russia and the Islamic world, he said.

The MWL secretary-general said that he was proud to receive the honorary doctorate from an institute that is well-known for its dedication and neutrality.

He also praised the Russian Federation’s care for Arab and Islamic culture and its keenness to communicate with the Muslim world, learn its language and understand its culture.

Al-Issa considered the award to be motivation to work on promoting cultural communication and exchange between the Islamic world and Russia.

He said that the institute has contributed to changing the stereotype of Orientalism in the Muslim world and has encouraged cultural communication between nations and peoples.

The ceremony was attended by representatives of the Russian presidency, the Duma and the Senate, as well as high-ranking diplomats, senior academics of Orientalism, religious leaders and a group of researchers and students.