The Saudi Arabia Public Investment Fund is providing SR40 billion (USD 10.67 billion) in investment opportunities through its private sector platform to support regional supply chains, businesses, and industries, according to its governor.
Speaking at the third PIF Private Sector Forum in Riyadh, Yasir Al-Rumayyan emphasised that, with the help of the MUSAHAMA Local Content Development Programme, the Kingdom’s sovereign wealth fund and its portfolio companies invested approximately SR400 billion in local content between 2020 and 2023.
With more than USD 700 billion in assets, PIF is essential to Saudi Arabia’s “Vision 2030” economic diversification. PIF is a crucial enabler of regulatory reforms and economic diversification initiatives, which are the main drivers of sustainable growth, Al-Rumayyan underlined. As Saudi Arabia continues its regulatory reforms to promote long-term economic growth, the fund’s governor stated that collaborations with private companies are still crucial to PIF’s strategy.
Al-Rumayyan claims that the fund’s efforts have substantially raised the contribution of local content, increasing its share across PIF and its subsidiaries from 47% to 53%.
In his keynote address, Jerry Todd, who leads PIF’s National Development Division, told the 10,000 private sector participants that the forum’s main goal is to give them access to three key opportunity areas and vital information.
“For suppliers, there are 100 PIF portfolio companies next door in the main hall, ready to discuss their procurement priorities and show you how you can register and qualify as a vendor,” Todd said.
“For supply chain developers, we will have dedicated sessions on automotive, transportation, and logistics, and for investors, 14 PIF portfolio companies will be sharing opportunities over the next two days,” he added.
Additionally, Todd gave updates on two recently started projects that are meant to empower Saudi talent.
“The first, which the governor mentioned, is our Accelerated Manufacturing Programme. Thirteen small and medium enterprises were selected from 350 applicants for a six-month intensive programme that began last September,” he said, while concluding, “They will graduate tomorrow and have already secured 12 commercial agreements and two product development agreements with PIF portfolio companies. Seven private sector MoUs will be signed over the next two days, and they have tapped into seven new export markets.”