Arab News, Wednesday, Mar 15, 2023 | Sha'ban 23, 1444
PIF signs four agreements to develop Kingdom’s private sector
Saudi Arabia: Saudi Arabia’s Public
Investment Fund has signed four agreements with local entities to develop the
private sector across several strategic industries in the Kingdom.
The memorandums of understanding were signed on
the sidelines of the inaugural PIF Private Sector Forum in Riyadh.
“Through the signing of the four MoUs, PIF aims to
enable the growth of the local private sector by creating more opportunities,
enhancing its knowledge and capacity for innovation and encouraging the
localization of supply chains in strategic sectors,” the PIF said in its press
As part of the agreement, the Local Content and
Government Procurement Authority joined PIF to increase the Kingdom’s local
content through developing related programs and strategies, reported the
In addition to developing content for the PIF and
its portfolio companies, the collaboration intends to offer local content
opportunities in the sovereign fund’s strategic sectors.
The sovereign fund inked a contract with the
Building Technology Stimulus Initiative under the Ministry of Municipal and
Rural Affairs and Housing to improve modern construction methods and their
related know-how, besides cultivating the construction sector’s local
The third MOU was agreed upon with the Saudi
Contractors Authority to follow through on the objectives of the PIF real estate
schemes by cultivating the Kingdom’s local contracting sector.
The Federation of Saudi Chambers also partnered
with the sovereign fund during the forum to strengthen the relationship between
the private sector and the PIF’s current and future endeavors.
The release further noted that these steps “align
with PIF’s efforts to support and enable the private sector to achieve the
target of increasing its contribution to gross domestic product to at least 65
percent by 2030, as outlined in Saudi Vision 2030.”
The event promises to stimulate entrepreneurial
activity in the Kingdom as over 4,000 figures from the private sector are set to
bolster existing relationships and develop new ones.
The PIF Private Sector Forum, held in Riyadh from
March 14 to 15, will also see public sector representatives alongside more than
Various partnership opportunities will be
showcased alongside several announcements regarding deals already struck.