PIF unveils 3 key initiatives to enable private sector growth

Logo of Public Investment Fund 

The Public Investment Fund (PIF) announced today, March 14, at its inaugural Private Sector Forum a suite of new initiatives dedicated to supporting and enabling the private sector, the fund said in an emailed statement.

These initiatives are:

- PIF’s Local Content Growth Program (MUSAHAMA), which aims to increase the share of local content spend in PIF’s domestic portfolio to 60% by the end of 2025. As part of this program, each PIF company will embed local content considerations in their design decisions and procurement policies.

- PIF’s Suppliers Development Program, which will support the development and upskilling of local suppliers and vendors to meet the growing requirements of PIF’s portfolio companies. As part of this Program, during 2023 PIF will hold vendor boot camps for the contracting sector to help Tier 2 and Tier 3 contractors prepare their companies to qualify as vendors.

- The Private Sector Hub, a dedicated channel to share supplier and investment opportunities with the private sector. The hub is now live and contains more than 100 opportunities and will be continuously enhanced and updated.

“The empowerment of the private sector is one of PIF’s foremost priorities considering the private sector’s crucial role in the growth and development of the Saudi economy,” Jerry Todd, Head of the National Development Division at PIF, said.

The launch of our MUSAHAMA Local Content Program and Supplier Development Program is a major step forward in our efforts to drive the growth of local content in the Kingdom. Both of these programs will ensure that PIF and its portfolio companies embed local content considerations in our activities and operations which will contribute directly towards developing local industries and building long-term supplier and vendor partnerships, thereby strengthening local capabilities, enhancing the competitiveness of local players, improving supply chain resilience, and stimulating innovation in the Saudi economy.

Through the launch of the Private Sector Hub, we are also reiterating our commitment towards enabling the private sector by creating more visibility on opportunities to participate as suppliers, investors and operators in PIF’s and our portfolio companies’ projects going forward, he added.