PIF targets 60% contribution to local content by 2025: Official

Abdullah Alsalem, Head of Strategy and Planning at PIF

The Public Investment Fund (PIF) aims to increase its contribution to local content to 60% by 2025, and this target will be only attained through partnership with the private sector, Abdullah Alsalem, Head of Strategy and Planning at PIF, told Argaam.

The private sector is a strategic partner of the fund’s strategies, which will support the local private sector and national development, Alsalem said on the sidelines of the PIF Private Sector Forum held today, March 14.

The PIF and its subsidiaries, through a procurement mechanism, seeks to encourage contracting the local private sector, as well as building capabilities and local products. The Kingdom’s sovereign wealth fund has 13 main sectors and established more than 70 new firms, in addition to the existing companies. It focuses on priority sectors, Alsalem indicated.

Elsewhere, the top official added that this forum aims to ease access of all suppliers and contractors along with the PIF’s subsidiaries to tenders and register as services providers.

The PIF announced a suite of new initiatives dedicated to supporting and enabling the private sector, the fund said in an emailed statement, Argaam earlier reported.