RIYADH: Saudi Arabia’s Public Investment Fund has signed four agreements with local entities to develop the private sector across several strategic industries in the Kingdom.
The memorandums of understanding were signed on the sidelines of the inaugural PIF Private Sector Forum in Riyadh.
“Through the signing of the four MoUs, PIF aims to enable the growth of the local private sector by creating more opportunities, enhancing its knowledge and capacity for innovation and encouraging the localization of supply chains in strategic sectors,” the PIF said in its press release.
As part of the agreement, the Local Content and Government Procurement Authority joined PIF to increase the Kingdom’s local content through developing related programs and strategies, reported the announcement.
In addition to developing content for the PIF and its portfolio companies, the collaboration intends to offer local content opportunities in the sovereign fund’s strategic sectors.
The sovereign fund inked a contract with the Building Technology Stimulus Initiative under the Ministry of Municipal and Rural Affairs and Housing to improve modern construction methods and their related know-how, besides cultivating the construction sector’s local content.
The third MOU was agreed upon with the Saudi Contractors Authority to follow through on the objectives of the PIF real estate schemes by cultivating the Kingdom’s local contracting sector.
The Federation of Saudi Chambers also partnered with the sovereign fund during the forum to strengthen the relationship between the private sector and the PIF’s current and future endeavors.
The release further noted that these steps “align with PIF’s efforts to support and enable the private sector to achieve the target of increasing its contribution to gross domestic product to at least 65 percent by 2030, as outlined in Saudi Vision 2030.”
The event promises to stimulate entrepreneurial activity in the Kingdom as over 4,000 figures from the private sector are set to bolster existing relationships and develop new ones.
The PIF Private Sector Forum, held in Riyadh from March 14 to 15, will also see public sector representatives alongside more than 50 exhibitors.
Various partnership opportunities will be showcased alongside several announcements regarding deals already struck.
