RIYADH — The third edition of the Public Investment Fund (PIF) and Private Sector Forum and its accompanying exhibition kicked off at the King Abdulaziz International Conference Center in Riyadh on Wednesday. The forum is organized under the directives of Crown Prince Mohammed bin Salman to involve local and international investors in the continuous growth of strategic sectors in Saudi Arabia, and increase the private sector's contribution to the GDP to 65% in line with Saudi Vision 2030. The number of participants in the forum this year will reach more than 10,000 participants. Under the slogan "Joint aspiration for a thriving Economy", the forum will be held in the presence of a number of ministers and senior officials from the Fund and its portfolio companies, representatives of government agencies, and prominent leaders of private sector companies in various strategic sectors in Saudi Arabia. There will be more than 100 pavilions for the Fund's portfolio companies. "The Private Sector Forum is a platform to enhance opportunities for collaboration and partnership between PIF and its portfolio companies with the local private sector," said Jerry Todd, head of National Development at PIF. "In its third edition, the forum continues to grow in size, scope and ambition, reflecting PIF's efforts to enhance engagement with the private sector, empower it and increase its contribution to a more diversified economy with local supply chains supported by advanced technology." The forum will showcase PIF'S initiatives and programs aimed at enhancing partnership with the private sector, including the Local Content Development Program "Musahama", which was launched by PIF in the first edition of the forum. The program aims to increase the contribution of the Fund and its portfolio companies to local content. As a result of Musahama, the value of local content grew from SR69 billion in 2020 to SR153 billion in 2023, a 122% increase. The Accelerated Manufacturing program, which was launched in September of 2024, aims to develop competitive and innovative products and services for joint companies, grow their businesses on a large scale, and activate communication channels with the Fund's portfolio companies, which contributed to the signing of 12 commercial agreements, in addition to two agreements aimed at developing products with the Fund's portfolio companies. The PIF also launched the "Private Sector Hub," which is a gateway for private sector companies to build partnerships with the Fund and its portfolio companies in strategic sectors in Saudi Arabia. More than 2,000 investors have registered on the platform since its launch in 2023. The "Contractors Financing" program, the first of its kind in Saudi Arabia and the region, aims to facilitate financing solutions between the Fund's companies and the private sector. This year's Private Sector Forum will announce the winners of the "Musahama Design competition" in cooperation with Roshn Group to empower the talents of Saudi designers, and promote the use of local materials in construction and real estate development projects. The contestants were divided between the "Emerging Architects" track, which included 373 Saudi participants (107 teams) from 24 universities, and the "Emerging Design Companies" track, consisting of more than 160 companies across Saudi Arabia.
