At a summit in Rome, Yasir al‑Rumayyan warned that European rules are discouraging foreign investors. He said the bloc’s foreign‑subsidies regulation and other pending laws are “really hurting” entities such as Aramco and Sabic, limiting both new capital and the retention of existing stakes in sectors ranging from energy to high‑tech.

The PIF has earmarked €10.4 bn of projects in Europe through 2030 and says it has already deployed €98 bn across the EU and the UK since 2017, creating roughly 160,000 jobs. The regulation also allows Brussels to block subsidised firms from public procurement, mergers and sales. EU officials, however, dismiss the complaints as lobbying, arguing that any slowdown reflects geopolitical risks rather than the foreign‑subsidies rule.

Investors such as Aramco have poured about €80 bn into European suppliers, but uncertainty over approval processes could curb future M&A activity. While the PIF’s new five‑year strategy emphasizes domestic gigaprojects, al‑Rumayyan affirmed the fund will keep investing abroad, though with a reduced share of its portfolio. Regulators fear distortion of competition, while Gulf funds stress the need for predictable rules.