(MENAFN- Consulum) RIYADH, 14 MARCH 2023 – The Public Investment Fund (“PIF” or the “Fund”) announced today at its inaugural Private Sector Forum the following suite of new initiatives dedicated to supporting and enabling the private sector:
• PIF’s Local Content Growth Program, "MUSAHAMA". This Program aims to increase the share of local content spend in PIF’s domestic portfolio to 60% by the end of 2025. As part of this program, each PIF company will embed local content considerations in their design decisions and procurement policies.
• PIF’s Suppliers Development Program, which will support the development and upskilling of local suppliers and vendors to meet the growing requirements of PIF’s portfolio companies. As part of this Program, during 2023 PIF will hold vendor boot camps for the contracting sector to help Tier 2 and Tier 3 contractors prepare their companies to qualify as vendors.
• The Private Sector Hub, a dedicated channel to share supplier and investment opportunities with the private sector. The hub is now live and contains more than 100 opportunities, and will be continuously enhanced and updated.
Jerry Todd, Head of the National Development Division at PIF, commented: “The empowerment of the private sector is one of PIF’s foremost priorities considering the private sector’s crucial role in the growth and development of the Saudi economy.
“The launch of our MUSAHAMA Local Content Program and Supplier Development Program is a major step forward in our efforts to drive the growth of local content in the Kingdom. Both of these programs will ensure that PIF and its portfolio companies embed local content considerations in our activities and operations which will contribute directly towards developing local industries and building long-term supplier and vendor partnerships, thereby strengthening local capabilities, enhancing the competitiveness of local players, improving supply chain resilience, and stimulating innovation in the Saudi economy.
“Through the launch of the Private Sector Hub, we are also reiterating our commitment towards enabling the private sector by creating more visibility on opportunities to participate as suppliers, investors and operators in PIF’s and our portfolio companies’ projects going forward.”
One additional PIF initiative to both enable and engage the private sector is PIF’s inaugural two-day Private Sector Forum which opened today at the Four Seasons Hotel in Riyadh. The first of its kind, PIF’s Private Sector Forum has gathered PIF executives, ministers, senior government officials, and representatives from 50 PIF portfolio companies, as well as over 4,000 private sector participants representing a broad range of sectors.
The Forum and the three new initiatives are in alignment with PIF’s aim to increase its contribution to local content to 60% by 2025, support the private sector in increasing its contribution to GDP by up to 65% by 2030, create job opportunities, localize technology, and drive the transfer of technology and knowledge to Saudi Arabia.
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