Saudi Arabia's PIF inks Four MoUs to boost private sector in strategic industries
Date
3/15/2023 8:15:11 AM
(MENAFN) The Public Investment Fund (PIF) of Saudi Arabia has signed four memorandums of understanding (MoUs) with local entities to boost the private sector across strategic industries in the country. The agreements were signed during the PIF Private Sector Forum held in Riyadh, which aimed to promote the growth of the local private sector by creating opportunities, enhancing knowledge and capacity for innovation, and encouraging supply chain localization.
One of the agreements involved the Local Content and government Procurement Authority, which partnered with the PIF to increase the Kingdom's local content by developing related programs and strategies. The collaboration aims to offer local content opportunities in the PIF's strategic sectors, in addition to developing content for the sovereign fund and its portfolio companies.
The PIF also signed a contract with the Building Technology Stimulus Initiative, a division under the Ministry of Municipal and Rural Affairs and Housing, to improve modern construction methods and cultivate the construction sector's local content. The deal seeks to enhance construction practices and related know-how, while boosting local content in the industry.
The agreements are part of the PIF's efforts to support the development of the private sector in Saudi Arabia, with a particular focus on strategic industries. The collaborations aim to increase local content and promote innovation, which will contribute to the Kingdom's overall economic growth and diversification.
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