Riyadh: Public Investment Fund (PIF) Governor Yasir Al-Rumayyan inaugurated the fourth edition of the PIF Private Sector Forum today, taking place at the King Abdulaziz International Conference Center in Riyadh from February 9 to 10. In his address, the PIF governor stated, "We gather today at a pivotal moment in Saudi Arabia's economy-one in which the rules of competition are reaching a higher level, sectors and value chains are maturing, and the ceiling of ambition is being raised to a point where opportunities are no longer measured by returns alone, but by innovation and determination."
According to Saudi Press Agency, the forum has become the largest platform of its kind for seizing partnership and collaboration opportunities 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. In the previous edition, the PIF succeeded in translating dialogue into tangible opportunities for the private sector through specialized programs and initiatives that supported the growth of the business ecosystem. This resulted in the signing of more than 140 agreements with a total value exceeding SAR15 billion.
"This stands as clear evidence of the partnership that unites us in transforming the Saudi economy, positioning it as one of the fastest-growing economies in the world. It also reaffirms our commitment at PIF to empowering the private sector to contribute to leading the Kingdom's economic transformation, as an enabler of growth and a creator of opportunity. At PIF, we work alongside the private sector to deepen impact and build an integrated economic ecosystem that drives sustainable growth," he added.
This is achieved through an approach aligned with the investment lifecycle-beginning with assuming risk to build strategic sectors, establish leading companies, and launch initiatives that strengthen these sectors. In turn, these efforts stimulate spending on local content, the localization of supply chains, the development of local capabilities and industries, and the expansion of infrastructure.
Al-Rumayyan stated, "We see this impact clearly reflected in the programs and initiatives launched by the fund to strengthen its partnership with the private sector. The Local Content Development Program, MUSAHAMA, has contributed to accelerating growth in local content spending by PIF and its portfolio companies, reaching SAR591 billion between 2020 and 2024. Moreover, the Contractor Financing Program has enabled the delivery of PIF projects valued at more than SAR10 billion through innovative financing solutions, increasing the participation of local contractors in PIF projects to 67% in 2025.
In addition, PIF's Private Sector Platform has made available more than 190 investment opportunities valued at over SAR40 billion, through international partnerships and the localization of supply chains. This impact has not been limited to financing alone; it has extended to enhancing company readiness, building national talent, and creating high-quality job opportunities-within an ecosystem governed by the highest standards of efficiency, transparency, and governance. This momentum is also reflected in the growing appetite for investment in the Kingdom.
Since 2017, PIF has opened new horizons through long-term investment in strategic sectors. Today, in line with the objectives of the third phase of Saudi Vision 2030 and PIF's strategy for the coming five years, the PIF is moving from building sectors to integrating ecosystems, and from launching opportunities to accelerating growth-through an open invitation to the private sector to invest and partner in shaping a diversified and resilient economy.
The fund will continue to enable ecosystems and lay the foundations for growth. At the same time, the next phase requires a higher level of readiness and ambition from the private sector, alongside the ability to scale and innovate-a phase in which the role of the private sector evolves from execution to contributing to economic building and value creation across entire value chains. The world is undergoing rapid economic transformation, driven by the private sector's readiness and its capacity to invest in innovation. Over the next five years, the rules of competitiveness will be reshaped through profound shifts in business models, artificial intelligence, capital markets, and the localization of content and supply chains.
He noted, "The opportunity before the private sector in the Kingdom today is the greatest opportunity yet-to help lead economic growth, shape the future, and generate sustainable returns." The PIF Private Sector Forum has attracted over 10,000 private sector participants, with more than 100 anticipated memoranda of understanding, 18 participating government entities, over 120 companies from PIF's portfolio, and six specialized platforms.