A top official reported that the Public Investment Fund of Saudi Arabia is intensifying the process of enhancing privatization in its strategy to promote long-term economic growth and sustainable development.
In his speech, speaking on the fourth installment of the PIF Private Sector Forum, Yasir Al-Rumayyan, governor of the sovereign wealth fund, stated that the fund will boost its attempts to foster the power of the private sector to boost local spending on local content and speed up the process of localizing supply chains.
The push coincides with the Saudi Arabia Vision 2030 initiative to diversify the economy beyond oil and enhance the contribution of the private sector to gross domestic product, with PIF serving as a key driver of investment by positioning it at the center of the strategy.
Al-Rumayyan said, “We affirm our commitment at PIF to empowering the private sector to contribute to leading the Kingdom’s economic growth and transformation. PIF is working alongside the private sector to build a greater economic ecosystem that drives sustainable growth.”
He stated, “We try to build strategic sectors, establish leading companies, and launch initiatives. In turn, these efforts stimulate spending on local content, localization of supply chains, and development of local capabilities and industries, as well as the expansion of infrastructure.”
The event will assist the PIF Private Sector Engagement Strategic Initiative and showcase business opportunities across the portfolio companies of the fund. The PIF official further commented that the forum has become the biggest of its kind in the world in terms of forging partnerships with the private sector.
Al-Rumayyan added, “Since 2023, participation has reached 25,000 leaders from the public and private sectors, as well as investors from Saudi Arabia and around the world.”
He indicated, “In previous editions, we succeeded in translating dialogues into tangible opportunities for the private sector through specialized programs and initiatives that supported the growth of the business ecosystem, resulting in the signing of over 140 agreements with a total value exceeding SR15 billion ($4 billion).”
The annual conference will include over 200 speakers and more than 100 sessions with topics such as artificial intelligence and industry, capital market evolution, sovereign wealth collaboration, and business listing strategies.
