RIYADH: The Public Investment Fund will hold its second Private Sector Forum from Feb. 6-7 at the King Abdulaziz International Convention Center in Riyadh.

This event aims to foster partnerships between PIF, its portfolio companies and the private sector.

It aligns with PIF’s strategy to increase local content through its portfolio companies to 60 percent by the end of 2025, and the Vision 2030 objective to increase private sector contribution to GDP to 65 percent by 2030.

The Private Sector Forum will host a range of senior figures, including government ministers and PIF executives, as well as CEOs and thought leaders, and representatives of over 80 PIF portfolio companies. The event will also feature in total over 100 portfolio companies and government entities’ booths and also expects more than 8,000 private sector participants from various strategic sectors.

The 2024 PIF Private Sector Forum will complement PIF and its portfolio companies’ efforts to further empower the local private sector, enhancing its competitiveness and capacity for innovation.

It will see the launch of new programs and initiatives aimed at diversifying the local economy, enhancing the capabilities of strategic sectors, boosting competitiveness, increasing local content and creating job opportunities. It will underline the importance of private sector empowerment in developing the local economy and achieving the goals of Vision 2030.

In its second edition, the forum will feature a number of sessions and workshops dealing with a range of strategic topics, focusing on the objectives of Vision 2030 in empowering and enhancing the role of the private sector, as well as PIF efforts in driving toward this initiative.

The sessions will also discuss financing solutions for vendors through several programs, in addition to future opportunities for new local sectors and the contribution of private sector investment in developing value and supply chains. The forum will also explore opportunities for collaboration and partnership involving PIF, its portfolio companies and the private sector and will provide a significant platform for private sector networking.

Since 2017, PIF has established 93 companies and has been instrumental in creating over 644,000 direct and indirect jobs across various key promising sectors. PIF created its National Development Division (NDD) to support national development through PIF investments. The division’s objectives include enhancing private sector participation and emphasizing private business’ roles with portfolio companies.