RIYADH, March 14 (Xinhua) -- The Saudi Public Investment Fund (PIF) announced on Tuesday new initiatives to support the private sector's development.
The initiatives were announced at the inaugural PIF Private Sector Forum held in the Saudi capital of Riyadh, the Saudi Press Agency reported.
One of the PIF initiatives is the Local Content Growth Program, which aims to increase the share of local content spending in PIF's domestic portfolio to 60 percent by the end of 2025.
Another initiative is the Suppliers Development Program, which will support the development and upskilling of local suppliers and vendors to meet the growing requirements of PIF's portfolio companies.
One more initiative is the Private Sector Hub, a dedicated channel to share supplier and investment opportunities with the private sector.
Jerry Todd, head of the PIF National Development Division, said that empowering the private sector is one of PIF's top priorities considering the sector's crucial role in the growth and development of the Saudi economy.
The first of its kind, the Private Sector Forum has gathered PIF executives, ministers, senior government officials, and representatives from 50 PIF portfolio companies, as well as over 4,000 private sector participants representing a broad range of sectors. ■
