Saudi Gazette report
RIYADH — The 2024 PIF Private Sector Forum kicked off on Tuesday in Riyadh. The event is organized by the Public Investment Fund (PIF) on February 6-7, 2024, with the primary objective of strengthening partnerships and showcasing collaborative opportunities within strategic sectors in Saudi Arabia.
Gathering over 8,000 participants, including ministers, senior PIF officials, and private sector representatives, the forum featured 80 companies affiliated with PIF and more than 100 booths for PIF portfolio companies and government entities.
In a momentous announcement during the opening ceremony, the Governor of PIF, Yasser Al-Rumayyan, revealed PIF's commitment to facilitating finance solutions for Saudi contractors working with PIF portfolio companies through the newly unveiled Contractor Financing Program. This initiative aims to bolster the construction sector by providing contractors with a range of tailored financing solutions, fostering a more integrated and transparent construction ecosystem while enhancing contractor cashflows and supporting key projects.
Highlighting the significance of the forum, Al-Rumayyan emphasized the opportunities it offers for collaboration between PIF and the private sector, aligning with Vision 2030's goal of increasing the private sector's contribution to GDP to 65% by 2030. PIF has already presented substantial investment opportunities, with private sector investments in PIF portfolio companies and projects totaling $25.6 billion as of the third quarter of 2023.
Since the launch of the PIF Private Sector Hub in 2023, which serves as a one-stop-shop for private firms seeking to engage with PIF and its portfolio companies, it has facilitated over 200 opportunities valued at more than $5.3 billion.
To further support national development, PIF established its National Development Division (NDD) with a focus on enhancing private sector participation and strengthening partnerships with portfolio companies. Since 2017, PIF has established 93 companies, contributing to the creation of more than 644,000 direct and indirect jobs across various promising sectors.
