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Saudi Public Investment Fund unveils three key initiatives to boost private sector growth

by Dubaiforum

RIYADH, 14th March, 2023 (WAM) – The Public Investment Fund (PIF) of Saudi Arabia has announced several new initiatives aimed at supporting and enabling the private sector.

These initiatives include the Local Content Growth Programme, called “MUSAHAMA,” which seeks to increase the share of local content spend in PIF’s domestic portfolio to 60 percent by the end of 2025. To achieve this, each PIF company will integrate local content considerations into their design and procurement policies, Saudi Press Agency (SPA) reported today.

Another initiative is the Suppliers Development Programme, which will support the development and upskilling of local suppliers and vendors to meet the growing requirements of PIF’s portfolio companies. During 2023, PIF will hold vendor boot camps for Tier 2 and Tier 3 contractors to prepare their companies to qualify as vendors.

The third initiative is the Private Sector Hub, a dedicated channel that is now live and will share supplier and investment opportunities with the private sector. It currently contains more than 100 opportunities and will be continuously updated and enhanced.

Jerry Todd, Head of the National Development Division at PIF, has emphasised the importance of empowering the private sector in driving the growth and development of the Saudi economy. In line with this priority, PIF has launched the MUSAHAMA Local Content Programme and Supplier Development Programme, both of which aim to embed local content considerations in the activities and operations of PIF and its portfolio companies. This will contribute to developing local industries, building long-term supplier and vendor partnerships, enhancing the competitiveness of local players, improving supply chain resilience, and stimulating innovation in the Saudi economy.

Todd also stated that the launch of the Private Sector Hub demonstrates PIF’s commitment to enabling the private sector by creating more visibility on opportunities to participate as suppliers, investors, and operators in PIF’s and its portfolio companies’ projects.

Jerry Todd, Head of the National Development Division at PIF, described empowerment of the private sector as one of PIF’s foremost priorities considering the private sector’s crucial role in the growth and development of the Saudi economy.

One additional PIF initiative to both enable and engage the private sector is PIF’s inaugural two-day Private Sector Forum which opened today at the Four Seasons Hotel in Riyadh. The first of its kind, PIF’s Private Sector Forum has gathered PIF executives, ministers, senior government officials, and representatives from 50 PIF portfolio companies, as well as over 4,000 private sector participants representing a broad range of sectors.

The Forum and the three new initiatives are in alignment with PIF’s aim to increase its contribution to local content to 60 percent by 2025, support the private sector in increasing its contribution to GDP by up to 65 percent by 2030, create job opportunities, localize technology, and drive the transfer of technology and knowledge to Saudi Arabia.

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