Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund (PIF) and Chairman of Saudi Aramco, said governments and businesses are unable to sustain the level of spending that they did in the past and they must now reduce spending to embrace new realities.
“As central banks have tightened monetary policy to slow inflation, businesses and governments have to adjust to this new reality,” Yasir Al-Rumayyan said, addressing the Future Investment Initiative conference in Riyadh. “This has been the fastest rate increase since the early ‘90s, which has caused predictable disruptions in global markets.”
To sustain this level of spending, Al-Rumayyan said that “priorities” will need to be made moving forward, which includes embracing new sustainable initiatives and opening up to technological advancements, the most significant of them being Artificial Intelligence or AI.
Source: Zawya
