The fourth edition of the Public Investment Fund (PIF) and Private Sector Forum concluded in Riyadh, marking a significant step forward in Saudi Arabia’s economic diversification goals. The event culminated in the signing of over 135 Memorandums of Understanding (MoUs) valued at more than SAR 60 billion, drawing over 13,000 attendees from local and international companies, alongside government officials.
The two-day forum underscored a renewed focus on strengthening the partnership between the sovereign wealth fund and the private sector. With participation from over 100 of PIF’s portfolio companies, the event highlighted their crucial role in accelerating domestic investment and fostering a robust local economy.
A Strategic Shift in Partnership
In his opening address, PIF Governor Yasir Al-Rumayyan announced a fundamental transformation in the fund’s strategy for the next five years. He detailed a plan to enhance the integration of economic ecosystems and expedite growth through expanded collaborations.
The new strategy repositions the private sector from being merely an executor of projects to a primary partner in economic value creation. This evolution is designed to empower local businesses and entrepreneurs to play a more central role in the Kingdom’s ambitious development plans.
Aligning with Vision 2030
This strategic pivot is in direct alignment with the next phase of Saudi Vision 2030. A key objective of the national transformation plan is to increase the private sector’s contribution to the Gross Domestic Product (GDP) to approximately 65% by the end of the decade. The partnerships and investments catalyzed by the forum are critical to achieving this goal and reducing the nation’s reliance on oil revenues.
According to PIF data, the fund has invested nearly SAR 750 billion in new local projects over the past five years. Cumulatively, it contributed approximately SAR 910 billion to the non-oil GDP between 2021 and 2024, accounting for nearly 10% of the Kingdom’s non-oil GDP by the end of this year.
Driving Local Content and Investment
The forum also featured sessions focused on innovative financing solutions and partnerships aimed at boosting investment opportunities and local content. Programs such as the MUSAHAMA Local Content Program and the Suppliers Development Program were spotlighted.
Between 2020 and 2024, spending on local content by PIF and its portfolio companies exceeded SAR 590 billion. These initiatives are designed to develop competitive national industries, strengthen supply chains, and generate significant employment opportunities within the Kingdom.
About The Public Investment Fund
The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. As one of the largest sovereign wealth funds in the world, it is the primary engine driving the economic transformation of Saudi Arabia as part of its Vision 2030 strategy. PIF is building a diversified portfolio by investing in attractive, long-term opportunities across various sectors and asset classes, both domestically and internationally, to support the diversification of the Saudi economy.
Source: Jawlah
