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.


Saudi Arabia to head world’s first camel organization

The organization would be working to nurture mutual understanding and friendship between nations and peoples and establish a global family of camel-loving communities. (SPA)
Updated 7 min 8 sec ago
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Saudi Arabia to head world’s first camel organization

  • Al-Otaibi said: “The Kingdom has always sought to preserve its cultural and natural heritage which is of great value to mankind”

RIYADH: The Saudi capital has been named as the international headquarters for the world’s first camel organization.
Representatives of 96 countries gathered on Thursday in Riyadh for the inaugural constitutional assembly meeting of the newly established International Camel Organization (ICO).
Saudi Camel Club supremo Fahd bin Falah bin Hithlin has been chosen to lead the ICO as its first president for a term of five years.
During the assembled gathering, members issued the organization’s Riyadh Charter, which highlights the historic and cultural importance of camels to the international community.
The new president said the ICO aimed to maintain international rules and standards relating to camels and noted that its Saudi launch reflected the Kingdom’s key role in developing and promoting the cultural aspect of the animals around the world.
He added that the organization would be working to nurture mutual understanding and friendship between nations and peoples and establish a global family of camel-loving communities.
Mikhled bin Omar Al-Otaibi, a member of the Saudi Heritage Preservation Society, said the decision to headquarter the ICO in Saudi Arabia was recognition of the Kingdom’s efforts, led by King Salman and Crown Prince Mohammed bin Salman, to care for camels and promote their heritage on an international stage.
Al-Otaibi said: “The Kingdom has always sought to preserve its cultural and natural heritage which is of great value to mankind.” He added that the first international camel charter represented a major step toward obtaining international protection for the animals.
The Riyadh historical society official also gave his approval to the choice of ICO president, a figure who he said had made great achievements in his role as chairman of the Saudi Camel Club, including the organization of the prestigious King Abdul Aziz Camel Festival.
The work of the ICO will involve underlining the role that camels, and activities associated with them, play in developing a mutual understanding and friendship that can contribute to building communities and caring for their members.
It will also promote skills training and technical advances relating to camels and the industry sector linked to them.