Saudi Arabia’s PIF launches today second private sector forum, unveiling new local business opportunities

Event aims to cultivate partnerships between PIF, its portfolio companies, and the private sector
Saudi Arabia’s PIF launches today second private sector forum, unveiling new local business opportunities
Forum expects to attract over 8,000 private sector attendees

Saudi Arabia’s Public Investment Fund (PIF) is set to host today its second PIF Private Sector Forum – the largest gathering of its kind in the country – along with its accompanying exhibition, at the King Abdulaziz International Convention Center in Riyadh. The event runs until February 7, 2024.

Read more: PIF launches three initiatives to support private sector in Saudi

The event aims is to promote partnerships between PIF and its portfolio companies, as well as the private sector. It aligns with PIF’s strategy to increase the contribution of the domestic private sector to PIF projects, known as local content, to 60 percent by the end of 2025. It also supports the Vision 2030 objective of increasing the private sector’s contribution to the GDP to 65 percent by 2030.

The Private Sector Forum will bring together influential figures such as government ministers, PIF executives, CEOs, thought leaders, and representatives from over 80 PIF portfolio companies. The event will feature a total of more than 100 booths representing portfolio companies and government entities. Additionally, it expects to attract over 8,000 participants from various strategic sectors of the private sector.

Fostering innovation and competitiveness

The 2024 PIF Private Sector Forum aims to complement PIF and its portfolio companies’ efforts in empowering the local private sector, enhancing its competitiveness, and fostering innovation. The event will introduce new programs and initiatives focused on diversifying the local economy, strengthening strategic sectors, improving competitiveness, increasing local content, and creating job opportunities. It will emphasize the importance of empowering the private sector in driving the local economy’s development and achieving the goals outlined in Vision 2030.

PIF private sector

As the second edition of the forum, it will feature numerous sessions and workshops covering a range of strategic topics. These sessions will focus on Vision 2030’s objectives of empowering and enhancing the role of the private sector, as well as PIF’s efforts in driving this initiative. Additionally, the forum will discuss financing solutions for vendors through various programs, explore future opportunities for new local sectors, and highlight the contribution of private sector investment in developing value and supply chains. The event will also promote collaboration and partnership opportunities involving PIF, its portfolio companies, and the private sector, providing a valuable platform for private sector networking.

Since 2017, PIF has established 93 companies and has played a crucial role in creating over 644,000 direct and indirect jobs across various promising sectors. To support national development through its investments, PIF has established the National Development Division (NDD), which aims to enhance private sector participation and underscore the role of private businesses in conjunction with portfolio companies.

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