Saudi Arabia seeks stronger investment ties with Japan

Saudi Arabia wants to attract a greater number of Japanese companies as the kingdom accelerates efforts to draw foreign investment and support its broad economic diversification agenda, the head of its sovereign wealth fund said on Monday.

The shift comes as the Public Investment Fund (PIF), with assets nearing $925 billion, prepares to move away from the mega real estate projects that have defined much of its activity over the past decade.

As reported by Reuters in October, the fund’s new direction will concentrate on logistics, mineral exploitation, religious tourism and artificial intelligence, aligning with Saudi Arabia’s Vision 2030 economic transformation plan.

“Japan was once one of Saudi Arabia’s largest partners, and we want to get that back by bringing in more and more Japanese companies to come and work with us,” PIF Governor Yasir Al-Rumayyan said during the Future Investment Initiative Priority Summit in Tokyo.

He noted that the PIF had invested $11.5 billion in Japan between 2017 and 2024, adding that the figure is expected to rise to $27 billion by 2030.

Al-Rumayyan also confirmed that the PIF’s new five-year strategy, covering the period up to 2030, has recently been approved by the board.

The push to deepen ties with Japan highlights Saudi Arabia’s broader goal of fostering international partnerships and channeling investment into high-growth sectors that can sustain its long-term economic transition.