Local content in PIF projects above 47% in 2023: Exec

Abdullah Alhussaini, Director of Strategy and Planning for National Development at the Public Investment Fund (PIF)

Abdullah Alhussaini, Director of Strategy and Planning for National Development at the Public Investment Fund (PIF), said that the percentage of local content in the fund’s projects grew to above 47% in 2023, compared to 40% in 2020.

In an interview with Argaam on the sidelines of the PIF Private Sector Forum, Alhussaini that the fund aims to reach 60% by 2025 through several initiatives.

He pointed out that MUSAHAMA program aims to increase the local content of the fund or its subsidiaries through the local content policy that gives preference to local products or services over imported ones. In addition, the supplier development program aims to develop the capabilities of suppliers to meet the needs of the fund’s companies.

Alhussaini revealed plans to launch a business accelerator in the industrial sector soon within the framework of reducing risks in the sector and bolstering the expansion and growth of companies with the support of the fund’s subsidiaries.

He indicated that the forum aims to raise the private sector’s participation in the national gross domestic product by 65% in 2030, and to enhance communication and increase transparency with the private sector to understand the needs and requirements of the fund in the coming years.