Private sector empowerment initiative provides over 100 opportunities, other measures to empower the private sector: PIF official

Jerry Todd, Head of National Development at PIF

The private sector empowerment initiative aims to highlight over 100 opportunities across Public Investment Fund's (PIF) priority sectors and portfolio companies, Jerry Todd, Head of National Development at PIF, told Argaam on the sidelines of the Financial Sector Conference (FSC) today. 

The fund aims to develop 13 strategic sectors through various initiatives that have been thoroughly studied to create and drive economic activity and build integrated supply chains, the official said. 

The fund is focused on developing existing sectors, catalyzing new sectors, and activating their supply chains by providing capital, and working with the government, portfolio companies and the private sector to put in place the policies and regulations needed to support emerging industries, Todd said. 

He indicated that this will contribute to the growth of local products and corporate industries, in addition to boosting the industrial and service sectors in the Kingdom. 

The Local Content Growth Program (MUSAHAMA) includes the PIF's policy for subsidiaries by following the local content policies, strategies, and objectives to support the procurement business. 

On the other hand, the Suppliers Development Program supports building the local industry and enhancing competitive points in terms of cost and quality. 

Todd noted that these programs should enable emerging local suppliers to build their skills and capabilities, show stronger performance, and in time potentially win major contracts. 

The Kingdom's sovereign wealth fund announced, on March 14, at its inaugural Private Sector Forum a suite of new initiatives dedicated to supporting and enabling the private sector, namely MUSAHAMA, Suppliers Development Program and the Private Sector Hub, according to data available with Argaam.