PIF Launches Third Edition Of Private Sector Forum Featuring Over 100 Portfolio Companies

The Public Investment Fund (PIF) has initiated its third Private Sector Forum at the King Abdulaziz International Conference Center in Riyadh. Scheduled for February 12-13, this forum is the largest of its kind in Saudi Arabia, aiming to foster partnerships and opportunities for the local private sector. The event aligns with Vision 2030's goal to boost private sector GDP contribution to 65%.

More than 10,000 business leaders from local, regional, and global arenas are expected to attend. The forum's theme, "Joint aspiration for a thriving economy," will bring together government ministers, senior PIF executives, representatives from government agencies, and private sector leaders across various strategic sectors. Over 100 booths will display PIF portfolio companies.

Jerry Todd, Head of National Development Division at PIF, stated: "The Private Sector Forum is a platform for deepening and enhancing cooperation and partnership between PIF, its portfolio companies, and local private businesses." He emphasized that the forum continues to grow in size and ambition, reflecting PIF’s efforts to engage the private sector in developing a diversified economy with robust local supply chains.

The two-day event includes panels and workshops aimed at empowering the private sector. This initiative is part of PIF’s strategy to increase local private sector involvement in its projects to 60%. The forum will spotlight initiatives like MUSAHAMA, which aims to boost local content in PIF’s domestic portfolio.

MUSAHAMA has significantly increased local content value from SAR 69 billion in 2020 to SAR 153 billion in 2023. Another key initiative is the Accelerated Manufacturing Program launched last September. It supports industrial startups in creating competitive products by providing mentorship on strategy and sustainability.

The program received 350 applications; 13 SMEs were selected for training. These SMEs were introduced to PIF portfolio companies, resulting in 12 commercial agreements and two product development deals. Additionally, PIF’s Private Sector Hub now hosts over 2,000 investors and showcases more than 200 opportunities worth over SAR 40 billion.

Innovative Financing Solutions

In a bid to support contractors working with PIF companies, the Contractor Financing Program was launched last year. This pioneering program offers financing solutions tailored for contractors within Saudi Arabia and the region. It represents another step towards facilitating smoother operations for those engaged with PIF projects.

This year's forum will also reveal winners of the MUSAHAMA Design Competition. Launched with ROSHN's collaboration, it aims to empower Saudi designers by promoting local materials in real estate development. The competition attracted participation from over 373 Saudi architects and more than 160 design firms nationwide.

The Private Sector Hub introduced last year serves as a gateway for firms seeking partnerships with PIF in strategic sectors. This hub has become an essential tool for connecting investors with opportunities within PIF’s expansive network of portfolio companies.

The ongoing efforts by PIF through these forums and programs highlight their commitment to fostering a vibrant private sector ecosystem within Saudi Arabia. By engaging diverse stakeholders and offering innovative solutions, they aim to drive economic growth aligned with Vision 2030 objectives.

With inputs from SPA