PIF Private Sector Forum Kicked off in Riyadh

Economics News
Published 14 Mar 2023
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PIF Private Sector Forum Kicked off in Riyadh
Riyadh, SPA: The Public Investment Fund (PIF) Private Sector Forum, showcasing opportunities for cooperation and partnerships in several local economic sectors, began in Riyadh today.
In his opening speech, Yasser bin Othman Al-Rumayyan, Governor of the PIF, highlighted the objectives of the forum, including strengthening cooperation with businesses, showcasing opportunities and partnerships offered by the PIF through its projects, programs, and companies while emphasizing the desire to strengthen the role of business as the most crucial and permanent way to support the economy.
Al-Rumayyan emphasized the keenness of HRH the Crown Prince in enlisting the private sector and enhancing its role in advancing the country's economy and realizing the Kingdom's Vision 2030. This vision promotes innovation and economic diversification and seeks to increase the private sector's contribution to GDP from 40% to 65% by 2030.
He said, "We worked to develop initiatives through which we were keen to establish a clear mechanism to involve the private sector as an investor, partner, and supplier in those sectors. Supporting national development is one of the pillars of the PIF's strategy. The fund established its strategy for the development of 13 strategic sectors in the Kingdom.”
The PIF established the Saudi Investment Recycling Company (SIRC) to support the growth of the recycling sector. The fund has also invested in many promising sectors in the Kingdom to develop and transform them into investment-attractive sectors in line with the strategic directions of the Kingdom.
The Fund of Funds Company (JADA) invested in over 20 investment funds to support 350 local and regional businesses that enhance the growth of the small and medium enterprises sector. The fund also established companies that specialize in joint investment and supports the private sector. Al-Rumayyan said the fund worked to list a number of its subsidiaries on the Saudi financial markets, encouraging the private sector and local and foreign investors to engage and make investments in the regional market.
He emphasized that the fund's strategy aims to provide opportunities for suppliers to the PIF's projects and businesses in the Kingdom, to support the development of the capabilities of local private sector businesses, and to carry out studies of anticipated project demand to find ways of partnering with the private sector to support increased productivity and strengthen local supply chains.
To build strong entities that keep up with the Kingdom's renaissance in the construction sector, Al-Rumayyan affirmed that the fund increased the capital of four major national companies in the contracting sector (Nesma and Partners Contracting Company, Al-Saif Company, Al-Bawani Holding Company, and Mabanee Company) totaling about SAR 5 billion.
By the end of 2025, the fund and its subsidiaries hope to contribute 60% of all local content in new projects, having invested up to SAR 1 trillion through their plan.
Al-Rumayyan asserted that during this forum, additional programs and agreements geared towards the private sector will be announced that will help to improve communication between the fund and its companies to activate partnership areas sustainably and effectively. This will include a new platform to share specific information about the opportunities available to investors and suppliers from the private sector.

Last Modified Date: 15/03/2023 - 10:03 AM Saudi Arabia Time


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