Riyadh – Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is doubling down on empowering the private sector as a key driver of economic transformation. In his opening remarks at the fourth edition of the PIF–Private Sector Forum, Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), emphasized that the forum has become the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector affirming the PIF’s commitment to enabling the private sector to play a leading role in the Kingdom’s economic transformation, describing it as both a growth partner and a creator of opportunities.
Al-Rumayyan said, “We see this impact in the programs and initiatives launched by the fund to strengthen its partnership with the private sector. The Local Content Development Program has boosted local content spending by PIF and its portfolio companies, reaching SAR 591 billion from 2020 to 2024.”
He added that the PIF’s platform for the private sector has provided more than 190 investment opportunities worth over SAR 40 billion through international partnerships and supply chain localization. The impact extends beyond financing, improving company readiness, building national competencies, and creating quality job opportunities within a system that follows the highest standards of efficiency, transparency, and governance. This is reflected in the increasing investor interest in the Kingdom.
Al-Rumayyan confirmed that the PIF continues to empower ecosystems and lay the foundations for growth, noting that the next phase requires the private sector to increase readiness, ambition, and capacity for expansion and innovation. The private sector’s role will evolve from implementation to contributing to economic building and value creation, amid accelerating economic transformations.
He noted that the next five years will reshape the rules of competition through profound changes in business models, artificial intelligence, capital markets, local content, and supply chains. He emphasized that the opportunity for the private sector in Saudi Arabia today is unprecedented for leading economic growth, shaping the future, and achieving sustainable returns.