The Governor of Saudi Arabia’s Public Investment Fund, Yasir Al-Rumayyan, said that the PIF is intensifying its efforts to boost the private sector, positioning it as a cornerstone of long-term economic growth and sustainable development, according to Arab News.
PIF Private Sector Forum
Speaking at the fourth edition of the PIF Private Sector Forum, Al-Rumayyan highlighted that empowering the private sector will foster spending on local content and accelerate the localization of supply chains.
“We affirm our commitment at PIF to empowering the private sector to contribute to leading the Kingdom’s economic growth and transformation. PIF is working alongside the private sector to build a greater economic ecosystem that drives sustainable growth,” he added.
Saudi Vision 2030
This approach aligns with the Saudi Vision 2030, which seeks basically to diversify the Kingdom’s economy, cut oil dependency and maximize the private sector’s share of GDP, while positioning the PIF as a central investment engine in this strategy.
“We try to build strategic sectors, establish leading companies and launch initiatives. In turn, these efforts stimulate spending on local content, localization of supply chains and development of local capabilities and industries, as well as the expansion of infrastructure,” Al-Rumayyan said.
The PIF Private Sector Forum aims to advance PIF’s Private Sector Engagement Strategic Initiative, showcasing business opportunities across the fund’s portfolio companies.
“Since 2023, participation has reached 25,000 leaders from the public and private sectors, as well as investors from Saudi Arabia and around the world,” Al-Rumayyan said.
The Fourth Edition
This year’s edition will bring together more than 200 speakers across 100 sessions, exploring various themes from artificial intelligence and industrial innovation to capital market evolution, sovereign wealth collaboration, as well as strategies for business listings.
The governor also noted that the forum has grown into the world’s largest platform for signing partnerships with the private sector.
Related Topics:
Saudi PIF Set to Seize 93% Control of EA: Report
Number of Saudis Doubles in Private Sector
Al Waha: PIF Launches First Saudi-Owned Duty-Free Retailer
