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Saudi’s PIF unveils a program to boost its GDP and generate jobs
The Local Content Growth program aims to promote competition and innovation in the private sector.
To bring development to the competitive, innovative, and at-scale industries in Saudi Arabia, the Public Investment Fund (PIF) unveiled the Local Content Growth program during the sixth edition of the Future Investment Initiative in Riyadh.
According to a report, the initiative intends to help the fund boost its contribution to the Saudi economy to 60% by the end of 2025, which will facilitate and support the kingdom’s private sector’s offerings in line with Saudi Vision 2030.
Additionally, the program contains a Local Content Policy, according to which PIF’s portfolio companies will promote and support regional goods and services right from the project conception stage.
“Launching the PIF Local Content Growth Program strengthens PIF’s position as a key enabler of a thriving private sector and a more resilient domestic economy in Saudi Arabia,” Jerry Todd, head of the National Development Division at PIF, said in his statement.
“This move will help build local capabilities, create opportunities for private sector players across the value chain, and build on Saudi Arabia’s position at the regional and global level,” he added.
PIF’s portfolio companies handed over $37 billion in contracts to local private sector businesses in 2021 alone, with nearly 60% going to the financial services, information technology, telecommunications, and construction materials and services industries.
This program is in accordance with PIF’s strategic goal of forming alliances with and empowering the private sector to increase Saudi Arabia’s GDP and generate employment in vital industries.