- The Public Investment Fund (PIF) has unveiled three new initiatives to supercharge the private sector – the 'MUSAHAMA' Local Content Growth Programme, the Supplier Development Programme, and the Private Sector Hub.
- The primary goal of the first initiative is to raise the local content spend in PIF's domestic portfolio to 60% by 2025. The second initiative works to develop and upgrade local providers and vendors to satisfy the demands of PIF's portfolio companies. The third initiative is a specialized platform to circulate supplier and investment prospects with private entities. This hub comprises more than 100 opportunities and will be regularly improved and refreshed.
Why it matters
These initiatives are intended to help the sovereign wealth fund reach its goal of having 60 percent local content by 2025, support the private sector in increasing its contribution to GDP to 65 percent by 2030, create job opportunities, localise technology, and promote the transfer of technology and knowledge to Saudi Arabia.