PIF steps up private sector push to drive sustainable growth: Al-Rumayyan

10/02/2026 00:59 AST

Saudi Arabia's Public Investment Fund is deepening efforts to strengthen the private sector as part of its strategy to drive long-term economic growth and sustainable development, said a top official.

Speaking at the fourth edition of the PIF Private Sector Forum, Yasir Al-Rumayyan, governor of the sovereign wealth fund, said the fund's efforts to strengthen the private sector will help increase spending on local content and accelerate the localization of supply chains.

The push aligns with Saudi Arabia's Vision 2030 program, which aims to diversify the economy away from oil and increase the private sector's contribution to gross domestic product, with PIF positioned as a central investment engine behind the strategy.

Al-Rumayyan said: "We affirm our commitment at PIF to empowering the private sector to contribute to leading the Kingdom's economic growth and transformation. PIF is working alongside the private sector to build a greater economic ecosystem that drives sustainable growth."

He added: "We try to build strategic sectors, establish leading companies and launch initiatives. In turn, these efforts stimulate spending on local content, localization of supply chains and development of local capabilities and industries, as well as the expansion of infrastructure."

The event is designed to support PIF's Private Sector Engagement Strategic Initiative and highlight business opportunities across the fund's portfolio companies.

The PIF official added that the forum has become the largest of its kind globally for forging partnerships with the private sector.

"Since 2023, participation has reached 25,000 leaders from the public and private sectors, as well as investors from Saudi Arabia and around the world," Al-Rumayyan said.

He added: "In previous editions, we succeeded in translating dialogues into tangible opportunities for the private sector through specialized programs and initiatives that supported the growth of the business ecosystem, resulting in the signing of over 140 agreements with a total value exceeding SR15 billion ($4 billion)."

This year's event will feature over 200 speakers across more than 100 sessions covering themes including artificial intelligence and industry, capital market evolution, sovereign wealth collaboration, and business listing strategies.

During his speech, Al-Rumayyan said unity between the government and the private sector is crucial to transform Saudi Arabia's financial landscape and make the Kingdom one of the fastest-growing economies in the world.

The PIF governor said the MUSAHAMA Program has accelerated growth in local content, with spending by the fund and its portfolio companies reaching SR591 billion between 2020 and 2024.

He added that PIF's Contractors Financing Program has enabled projects worth over SR10 billion and boosted local contractors' participation to 67 percent in 2025, underscoring the fund's commitment to economic diversification.

"PIF private sector platform has made available more than 190 investment opportunities valued at over SR40 billion through international partnerships and localization of supply chains," he added.

He urged private-sector entities to invest in Saudi Arabia and seize the opportunities created by the Kingdom's rapid economic growth.

"Since 2017, PIF has opened new horizons in strategic sectors. And today, aligned with the objectives of the third phase of Saudi Vision 2030, and PIF's strategy for the coming five years, we invite the private sectors to join us to build a diversified and resilient economy," said Al-Rumayyan.

According to the PIF governor, the rules of competitiveness in the global economy will be reshaped over the next five years, driven by shifts in business models, artificial intelligence, capital markets, and supply chain localization.

He added: "The world is undergoing rapid economic transformation driven by private sector readiness and its capacity to invest in innovation."

"The opportunity before the private sector in Saudi Arabia today is the greatest one ever; to help lead economic growth and shape the future of economic development," he concluded.

Jerry Todd, head of the National Development Division at PIF, said the forum gives private sector players direct access to portfolio companies, visibility on upcoming opportunities, and clear pathways to engage and invest.

"This forum is designed to focus on two key priorities. The first; developing deep, local and competitive sectors, and the second; creating opportunities for private sector operators and investors to benefit," Todd said.

He added: "For investors, this year's edition features sessions and one-on-one meetings with PIF companies sharing opportunities valued at SR70 billion."

In a separate panel discussion, Saudi Tourism Minister Ahmed Al-Khateeb said the Kingdom has the potential to build a globally competitive tourism industry.

He said tourism's contribution to Saudi Arabia's gross domestic product reached 5 percent in 2025, up from 3.5 percent in 2019.

"The leader in transforming the tourism sector is the private sector. So, our engagement in this forum is an opportunity to scale up investments in this sector," Al-Khateeb said.

He added: "Today, the infrastructure is already there in Saudi Arabia's tourism sector. So, I invite the private sector to seize the opportunity."

During the panel discussion, Saudi Arabia's minister of investment, Khalid Al-Falih, said investment has become a critical driver of the Kingdom's fiscal landscape, currently representing 30 percent of the domestic economy - a target originally set for 2030.

The minister added that Saudi Arabia now ranks among the top three countries globally in terms of investment inflows into the national economy.

Al-Falih further said the number of companies registered for investment in the Kingdom has increased tenfold, while the number of firms using Saudi Arabia as a platform to access global markets has risen from five to 700.

During the event, Al-Rumayyan presented the MUSAHAMA Award for Excellence to Jazeera Paints and Nami, a 3D printing company, recognizing exceptional achievement in local content performance.

The MUSAHAMA Award for Growth was given to Al Moammar Information Systems Co. and Vitronic for rapid progress in advancing local content.

FalconViz received the MUSAHAMA Award for Innovation for investment in research and development aimed at driving technological advancement.

Arab News