RIYADH: Saudi Arabia’s sovereign wealth fund is all set to host a private sector forum later this month in Riyadh to strengthen the Kingdom’s local economy.
In an announcement on its website, the Public Investment Fund said the event, to be held on Mar. 14 and 15 at the Four Seasons Hotel Riyadh, aims to “support the Fund’s Private Sector Engagement Strategic Initiative.”
The forum is expected to showcase PIF and its portfolio companies’ business opportunities, signal potential opportunities for investors and suppliers, along with maximizing the windows of cooperation.
It was in October 2022 that the PIF launched a Local Content Growth Program to promote competition and innovation in the private sector.
PIF said that this program is in line with the fund’s strategic objective of building partnerships with the private sector to boost Saudi Arabia’s gross domestic product and to create 1.8 million jobs by 2025.
“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,” said Jerry Todd, head of the PIF’s National Development Division.
He added: “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 in line with Vision 2030.”
As Saudi Arabia is steadily diversifying its economy, in line with the goals outlined in Vision 2030, the PIF is spearheading these efforts with critical investments and initiatives.
Currently, the Fund owns 71 companies in 10 different sectors and has created more than 500,000 direct and indirect jobs.
Earlier in November 2022, PIF Governor Yasir Al-Rumayyan said that the Fund is planning to create even more employment opportunities.
“We want to create 1.8 million jobs, and these are quality jobs. It is not only the figures we are looking at, but the quality of these figures, the quality of these jobs,” said Al-Rumayyan.
Al-Rumayyan also noted that the PIF has a detailed strategy to increase the Fund’s assets to reach between $2-to-$3 trillion by the end of this decade.
