PIF Private Sector Forum strengthens economic vision through strategic partnerships

Event concludes with commitment to Saudization and private sector empowerment
PIF Private Sector Forum strengthens economic vision through strategic partnerships
Saudi Arabia aims to achieve a Saudization target of 60 percent by 2025

The PIF Private Sector Forum’s second edition concluded in Riyadh with a resounding commitment to nurturing strategic alliances between Saudi Arabia’s sovereign fund and its portfolio companies. The forum served as a platform for fostering cooperation and exchanging experiences.

Moreover, it is charting the course towards economic diversification in the kingdom. Discussions centered on empowering the local private sector and enhancing its role in priority strategic projects. Participants also discussed amplifying contributions to local content, reflecting the ambitious goals outlined in Vision 2030.

Local resources and capabilities

The PIF Private Sector Forum highlighted the role of local resources and capabilities in strengthening the economy, generating opportunities, and raising the efficiency of supply chains. Moreover, it underscored the importance of collaboration between the government and private sectors in elevating local content contributions. Thus, Saudi Arabia aims to achieve a local content target of 60 percent by 2025.

Through case studies like the Diriyah Gate Project, participants gained insights into how strategic projects under the PIF umbrella are driving local content initiatives while enriching communities.

Empowering the private sector

Meanwhile, Minister of Investment Khalid bin Abdulaziz Al-Falih echoed Vision 2030’s commitment to empowering the private sector. Hence, Saudi Arabia aims for a substantial increase in its contribution to the GDP by 2030. Al-Falih lauded the PIF’s role as an economic catalyst, fostering growth across diverse sectors. Additionally, Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef announced the establishment of the Automotive Manufacturers Association. This underscores the PIF’s pivotal role in advancing critical sectors like automotive manufacturing.

Read: Saudi Arabia’s PIF attracted over $25 billion worth of investments in three years

Boosting tourism

The PIF Private Sector Forum also emphasized the private sector’s crucial role in realizing Vision 2030’s tourism goals. Minister of Tourism Ahmed bin Aqeel Al-Khateeb highlighted collaborative efforts with the PIF in enhancing the tourism sector’s contribution to the GDP with a targeted increase of 10 percent. During the PIF Private Sector Forum, Saudi Arabia also launched the Aseer Investment Company, signaling the region’s emergence as a global tourist destination.

Recognizing excellence

The PIF Private Sector Forum concluded with the presentation of the “Contribution” Award to national companies for their efforts in promoting local content. This recognition aims to foster a culture of commitment to local content development. Moreover, it seeks to enhance competitiveness and showcase exemplary contributions towards the Kingdom’s economic transformation.

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