RIYADH: Saudi Arabia’s Public Investment Fund has launched a Local Content Growth Program that aims to grow competition and innovation in the private sector.
The newly launched program aims to achieve the Fund’s goal of increasing its contribution to the Saudi economy to 60 percent by the end of 2025, according to a statement.
In line with Saudi Vision 2030, this will enable and support the Kingdom’s private sector products and services.
The program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services from project design stage to implementation.
“Launching the PIF Local Content Growth Program strengthens PIF’s position as a key enabler of a thriving private sector and a more resilient domestic economy in Saudi Arabia,” Head of the National Development Division, said.
“This move will help build local capabilities, create opportunities for private sector players across the value chain, and build on Saudi Arabia’s position at the regional and global level in line with Vision 2030,” Jerry Todd added.
In 2021, PIF’s portfolio companies awarded SR140 billion ($37 billion) of contracts to local private sector companies.
Around 60 percent of the contracts went to the construction materials and services, information technology and telecommunications, and financial services sectors.
The announcement came during the sixth edition of the Future Investment Initiative in Riyadh
