PIF Launches Third Edition Of Private Sector Forum In Riyadh To Enhance Local Partnerships

The Public Investment Fund (PIF) has inaugurated its third Private Sector Forum at Riyadh’s King Abdulaziz International Conference Center. Scheduled for February 12-13, this forum is the largest of its kind in Saudi Arabia, aiming to boost partnerships and opportunities for the local private sector. It aligns with the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud to engage investors in expanding strategic sectors and increasing private sector GDP contribution to 65% as outlined in Vision 2030.

More than 10,000 business attendees from local, regional, and global spheres are expected at the event. The forum operates under the theme "Joint aspiration for a thriving economy," featuring government ministers, senior executives from PIF and its portfolio companies, as well as representatives from 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. Now in its third edition, the forum continues to grow in size, scope and ambition, and represents PIF’s broader efforts to engage and enable the private sector and boost its contribution toward developing a more diversified economy with deep, tech-enabled local supply chains."

The forum will include panels and workshops over two days focusing on empowering the private sector. This aligns with PIF's strategy to increase local private sector involvement in its projects to 60%. The event will highlight initiatives like MUSAHAMA, which aims to boost local content within PIF's domestic portfolio.

MUSAHAMA has significantly increased local content value from SAR 69 billion in 2020 to SAR 153 billion in 2023. Additionally, the Accelerated Manufacturing Program launched last September supports industrial startups in creating competitive products. Out of 350 applications received, 13 SMEs were selected for mentoring on strategy and sustainability.

PIF’s Private Sector Hub now hosts over 2,000 registered investors with more than 200 opportunities valued at over SAR 40 billion. Launched in 2023, it acts as a gateway for firms to partner with PIF in strategic sectors. Last year saw the introduction of the Contractor Financing Program to provide financing solutions for contractors working with PIF companies.

Celebrating Saudi Talent

This year's forum will also announce winners of the MUSAHAMA Design Competition. Launched with ROSHN to empower Saudi designers using local materials in real estate development, it features two tracks: one for rising architects attracting participants from 24 universities across Saudi Arabia and another for emerging design firms receiving applications from over 160 firms.

The competition has drawn significant interest with participation from 373 Saudi individuals (107 teams) showcasing their talents. This initiative reflects PIF's commitment to fostering innovation within Saudi Arabia's design industry by promoting local talent and resources.

With inputs from SPA