PIF Private Sector Forum continues to increase Saudi private sector’s role in PIF contracts

Newswire
06 February 2024 Riyadh, KSA
PIF Private Sector Forum continues to increase Saudi private sector’s role in PIF contracts
  • PIF announces new Contractor Financing Program to facilitate finance solutions for Saudi contractors working with PIF portfolio companies
  • Five companies were recognized for their positive contribution to local content in their work with PIF portfolio companies
  • Over 200 opportunities worth $5.3 billion were provided through PIF’s Private Sector Hub in 2023

    The 2024 PIF Private Sector Forum began on Tuesday at the King Abdulaziz International Convention Center in Riyadh, organized by the Public Investment Fund (PIF) to run through February 6-7, 2024, with the aim to strengthen partnership and showcase opportunities for local cooperation in strategic sectors. 

    The event – which is the biggest of its kind in the country, and will be attended by over 8,000 participants, saw first day sessions attended by government ministers, senior PIF officials, and participants from the private sector and 80 companies affiliated with PIF; with more than 100 booths for PIF portfolio companies and government bodies.

    During his opening speech, His Excellency the Governor of PIF, Yasser Al-Rumayyan, stressed the importance of the forum and the opportunities it provides to enhance cooperation with the private sector in achieving the strategic objectives of PIF. He added that PIF continues to work as an engine for economic transformation in Saudi Arabia through the development of strategic sectors, and the involvement of the private sector through initiatives that enhance its role as an investor, partner and supplier.

    His Excellency referred to Vision 2030, which aims to raise the private sector's contribution to GDP to 65% by 2030. PIF has provided significant investment opportunities, and the value of private sector investments in portfolio companies and projects affiliated with PIF amounted to $25.6 billion as of the third quarter of 2023. 

    PIF, together with the National Infrastructure Fund, has introduced the new Contractor Financing Program, an initiative aimed to strengthen the construction sector by providing contractors with diverse, tailored financing solutions, fostering a more integrated, dynamic, and transparent construction ecosystem, and promoting projects structured to improve contractor cashflows.

    Five companies were recognized with the “MUSAHAMA” award for the private sector. The companies were: Al-Ayuni Investment and Contracting Company, Alfanar Group, Cisco, Ericsson and Riyadh Cables Group Company. They were selected for their positive contribution to local content in their work with PIF portfolio companies.

    In 2023, PIF launched its Private Sector Hub – a one-stop-shop for private firms seeking to engage with PIF and its portfolio companies. Since the launch, the hub has provided more than 200 opportunities with a value of more than $5.3 billion.

    PIF created its National Development Division (NDD) to support national development through PIF investments. NDD’s objectives include enhancing private sector participation and emphasizing private business’ roles with portfolio companies. Since 2017, PIF has established 93 companies, which have contributed to the creation of more than 644,000 direct and indirect jobs in various promising sectors.