PIF eyes increasing local content investment in projects to 60% by 2025

25/01/2021 Argaam

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The Public Investment Fund (PIF) aims to increase the contribution of local content in its investments to 60% of the volume of spending by 2025.

 

According to the PIF program announced on Jan. 24, 2021, this will be done by expanding opportunities for local companies to contribute to the fund's projects, and stimulating local suppliers to develop their capabilities.

 

Localization of imported goods and services will be increased, and investment opportunities will be opened to the fund to improve the local supply chain.

 

The fund is also looking to contribute about SAR 1.2 trillion to the non-oil gross domestic product (GDP) in the next five years.

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