Abdullah Alami*
12 July 2022
US President Joe Biden's visit to Saudi Arabia on July 15 is an opportunity for international media to have a closer look at the Kingdom.
The Saudi Public Investment Fund (PIF) is ranked sixth among the world's largest sovereign wealth funds with total assets of $620 billion. Saudi sales rose by 28% for the second consecutive month, and (PIF) assets jumped 163%, or 248 billion dollars, during the first five years of implementing the Kingdom's Vision 2030.
The US National Security Council coordinator, Brett McGurk, is obviously interested in the Saudi economy. We seek - with or without US assistance - strengthening the Kingdom's role in the global markets. Riyadh seized good investment opportunities in US stocks in 2020, and we will do the same when and where available.
Protests against the US administration is increasing due to segregation against African Americans, and recent abortion ruling. These issues will not support Biden in the next elections, and he will need all the help he can get.
Meanwhile, Saudi Arabia is moving steadily towards achieving its economic goals, including localizing technologies, and building strategic partnerships with friendly industrial nations.
*Saudi Economist
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