RIYADH — The Public Investment Fund (PIF) is set to hold its inaugural Private Sector Forum on March 14 and 15 at the Four Seasons Hotel in Riyadh. The two-day event is going to focus on PIF’s efforts to support and enable the private sector to unlock opportunities and further diversify the economy by investing in new sectors, enhancing competitiveness, increasing local content, and creating new jobs, in line with Saudi Vision 2030.

The PIF Private Sector Forum, the first of its kind, will be attended by PIF executives, ministers, senior government officials, representatives of 50 PIF portfolio companies, as well as over 4,000 private sector participants from across Saudi Arabia, representing a broad range of sectors.

The forum is the latest PIF initiative to empower and support the private sector, and aims at strengthening partnerships between PIF, its portfolio companies and the private sector, as well as promoting opportunities and localizing supply chains in strategic sectors. A number of agreements between PIF, portfolio companies and the private sector are expected to be signed at the forum, which will enhance business opportunities and partnerships.

Head of National Development Division at PIF Jerry Todd said: “PIF has a key role in enabling a thriving private sector as a major investor and driver for the diversification of the local economy. This forum is dedicated to engaging with the domestic private sector and showcasing available opportunities, as well as demonstrating that through working together we can build local capabilities, create opportunities for private sector players across the value chain, in line with Saudi Vision 2030.”

The forum offers local businesses the chance to explore cooperation and opportunities with PIF portfolio companies, and provides an opportunity for potential suppliers to register with participating companies. Several workshops will be held during the event, including sessions on the private sector’s vital role in Saudi Arabia’s economic growth alongside PIF’s enabling role. There will also be sessions on opportunities for companies within PIF’s giga-projects and emerging sectors in Saudi Arabia. The forum will also explore the private sector’s role in emerging markets and its role in developing critical infrastructure.

The forum is part of PIF’s 2021-2025 strategy to “crowd in” the private sector, creating more opportunities for local businesses to collaborate in growing a more diversified, globally competitive economy, as envisaged by Saudi Vision 2030. This is the latest PIF initiative dedicated to supporting and enabling the private sector, and growing competitive and innovative industries in Saudi Arabia.

Since 2017, PIF has established 71 companies, and in recent years, it has generated more than 500,000 direct and indirect jobs. PIF has invested SR311 billion domestically between 2017 and 2020. — SPA