The Public Investment Fund (PIF) and the Private Sector Forum kicked off Today in Riyadh, which reviews opportunities for cooperation and partnership in various business sectors locally.
His Excellency the Governor of the Public Investment Fund, Mr. Yasser bin Othman Al-Rumayyan, stated during his opening speech that the forum aims to enhance cooperation with the private sector and review the opportunities and partnerships offered by the Public Investment Fund through its projects, programs, and companies.
Enhancing the role of the private sector
He stressed the Public Investment Fund’s keenness to enhance the role of the private sector, as it is the most important and permanent partner of the Fund, to support the march of a prosperous economy in the Kingdom.
Al-Rumayyan stressed the keenness of His Highness the Crown Prince – may God protect him – and his interest in involving the private sector, enhancing its role in developing the national economy, and achieving the Kingdom’s Vision 2030.
The vision encourages innovation and economic diversification and aims to raise the private sector’s contribution to the gross domestic product from 40% to 65% by the year 2030 •
Supporting National Development
His Excellency indicated that supporting national development is one of the most important pillars of the Public Investment Fund’s strategy, as the Fund has developed its strategy to develop 13 strategic sectors in the Kingdom.
The Fund worked on developing initiatives through which we were keen to establish a clear mechanism to involve the private sector as an investor, partner, and supplier in these sectors.
The fund has invested in many promising sectors in the Kingdom with the aim of developing and transforming them into investment-attractive sectors in line with the strategic directions in the Kingdom, as it established the Saudi Investment Company for Recycling (SRIC), due to the importance of the recycling sector and supporting its development.
The fund worked on listing a number of its subsidiaries in the Saudi financial markets, which contributed to encouraging the private sector and local and international investors to participate and invest in the local market.
Attractive Investment Environment
His Excellency stated that during the past years, circa company has worked with the concerned authorities to build an attractive investment environment for private investments, which contributed to stimulating this sector and attracting many local and foreign capitals.
He stressed that the Fund’s strategy aims to provide opportunities to supply products and services to the Fund’s projects and companies in the Kingdom.
It contributes to building and developing the capabilities of local private-sector companies.
It also helps to conduct studies of the expected demand for projects, with the aim of finding ways of partnership with the private sector to support increased productivity and strengthen local supply chains.