The Public Investment Fund (PIF) launched the third edition of its Private Sector Forum on February 12, 2025, in Riyadh, featuring over 100 portfolio companies and drawing more than 10,000 attendees. The two-day event at the King Abdulaziz International Conference Center serves as the largest platform of its kind in Saudi Arabia, dedicated to strengthening partnerships and creating opportunities for local private businesses under the theme ‘Joint aspiration for a thriving economy.’
Context and Background
The forum aligns with the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of PIF, to engage local and international investors in expanding strategic sectors. It supports Vision 2030’s goal of increasing the private sector’s contribution to GDP to 65%. Participants include government ministers, senior PIF executives, and representatives from over 100 PIF portfolio companies showcasing their work.
Key Details
Jerry Todd, Head of National Development Division at PIF, stated: ‘The Private Sector Forum is a platform for deepening and enhancing cooperation and partnership between PIF, its portfolio companies, and local private businesses.’ The forum features panels and workshops aimed at empowering the private sector, part of PIF’s strategy to increase local private sector contribution to PIF projects to 60%. Key initiatives highlighted include the MUSAHAMA program, which boosted local content from SAR 69 billion in 2020 to SAR 153 billion in 2023, a 122% increase. The Accelerated Manufacturing Program has supported 13 SMEs, leading to 12 commercial agreements. The PIF Private Sector Hub now hosts over 2,000 investors and displays more than 200 opportunities worth over SAR 40 billion. The Contractor Financing Program, launched last year, facilitates financing for contractors working with PIF companies.
Implications and Impact
The forum underscores Saudi Arabia’s commitment to deepening local supply chains and fostering entrepreneurship. By enabling private sector growth, PIF enhances economic diversification and reduces reliance on oil. The event also strengthens regional and international investor confidence, showcasing Saudi Arabia as a hub for innovation and partnership. The MUSAHAMA Design Competition, in collaboration with ROSHN, empowers Saudi designers and promotes local materials in real estate, with 373 participants from 24 universities.
Vision 2030 Alignment
The Private Sector Forum directly supports Vision 2030’s goals of economic diversification and private sector empowerment. By increasing local content, fostering SMEs, and creating partnerships, PIF drives sustainable growth and innovation. This initiative exemplifies Saudi Arabia’s long-term strategy to build a resilient, tech-enabled economy, reinforcing its global role as a dynamic investment destination.
20 Questions
Q1. What is the PIF Private Sector Forum?
A1. It is an annual event organized by the Public Investment Fund to enhance partnerships between PIF, its portfolio companies, and the local private sector, showcasing opportunities and fostering collaboration.
Q2. When was the third edition launched?
A2. The third edition was launched on February 12, 2025, and runs through February 13 at the King Abdulaziz International Conference Center in Riyadh.
Q3. How many attendees are expected?
A3. The forum welcomes more than 10,000 local, regional, and global business attendees.
Q4. What is the theme of this year’s forum?
A4. The theme is ‘Joint aspiration for a thriving economy,’ reflecting the collaborative goal of a prosperous and diversified Saudi economy.
Q5. Who inaugurated the forum?
A5. The forum was launched under the direction of His Royal Highness Prince Mohammed bin Salman, Crown Prince and Chairman of PIF.
Q6. How many PIF portfolio companies are showcased?
A6. Over 100 PIF portfolio companies are featured, with booths displaying their products and services.
Q7. What is the goal of the forum for the private sector?
A7. The forum aims to increase the private sector’s contribution to GDP to 65% as outlined in Vision 2030.
Q8. What is the MUSAHAMA program?
A8. MUSAHAMA is a local content development program launched by PIF to increase the share of local content in PIF’s domestic portfolio.
Q9. What results has MUSAHAMA achieved?
A9. The value of local content grew from SAR 69 billion in 2020 to SAR 153 billion in 2023, a 122% increase.
Q10. What is the Accelerated Manufacturing Program?
A10. It is a program launched in September 2024 to help industrial startups develop competitive products at scale.
Q11. How many applications did the Accelerated Manufacturing Program receive?
A11. The program received 350 applications, from which 13 SMEs were selected for mentoring.
Q12. What outcomes did the Accelerated Manufacturing Program produce?
A12. The program resulted in 12 commercial agreements and two product development deals with PIF portfolio companies.
Q13. What is the PIF Private Sector Hub?
A13. It is a gateway for private sector firms to partner with PIF, featuring over 2,000 registered investors and more than 200 opportunities worth over SAR 40 billion.
Q14. What is the Contractor Financing Program?
A14. It is a program launched in 2024 to facilitate financing solutions for contractors working with PIF companies, the first of its kind in Saudi Arabia.
Q15. What is the MUSAHAMA Design Competition?
A15. It is a competition launched in collaboration with ROSHN to empower Saudi designers and promote local materials in real estate development.
Q16. How many participants are in the MUSAHAMA Design Competition?
A16. The competition has attracted 373 Saudi participants (107 teams) from 24 universities, plus over 160 applications from emerging design firms.
Q17. What is the target for private sector contribution to PIF projects?
A17. PIF aims to increase the contribution of local private sector into PIF projects and portfolio companies to 60%.
Q18. Who are the key participants in the forum?
A18. Participants include government ministers, senior PIF executives, portfolio company leaders, and private sector executives from various strategic sectors.
Q19. What types of sessions are held at the forum?
A19. The forum features panels and workshops exploring ways to empower and enhance the role of the private sector.
Q20. How does the forum support Vision 2030?
A20. The forum directly advances Vision 2030 by fostering economic diversification, boosting local content, and enabling private sector growth through partnerships and innovation.
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