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Saudi’s PIF announces new initiatives to boost private sector growth
A program will provide local companies more opportunities to work together to develop a more diverse economy.
To propel Saudi Arabia’s diversification of its economy by 2030 and drive the growth of local content in its portfolio companies, the Public Investment Fund (PIF) announced programs to support the private sector at the inaugural two-day Private Sector Forum, which began on Tuesday in Riyadh.
The three initiatives include the Mushama program that hopes to reach 60% of PIF’s domestic portfolio’s local content spending by the end of 2025. According to a statement, each PIF company will incorporate local content considerations into its design choices and procurement guidelines as part of this effort.
To fulfill the expanding needs of PIF’s portfolio companies, a program for developing suppliers will assist local vendors and suppliers in growing and improving their skills. PIF will organize vendor boot camps this year for the contracting industry.
A Private Sector Hub, a special conduit for informing the private sector about supplier and investment opportunities, is also planned.
The forum is a component of PIF’s 2021–2025 plan to provide local companies with greater chances to work together to develop a more diverse, globally competitive economy.
Meanwhile, the Shareek plan, a $266.6 billion investment effort proposed by Saudi Crown Prince Mohammed bin Salman, also saw the introduction of $51.2 billion in investments earlier this month, led by local businesses, including the oil giant Aramco and SABIC.