Al-Rumayyan: The Public Investment Fund is accelerating growth with the private sector
The Governor of the Public Investment Fund (PIF), Yasir Al-Rumayyan, affirmed that the Fund is currently entering a new phase characterized by accelerated growth, emphasizing the pivotal role of the private sector as a strategic partner in this journey. This came during his opening remarks at the PIF-Private Sector Forum, held in the Saudi capital, Riyadh, where he noted that efforts are underway to deepen the economic impact of the achievements of the previous foundational phases.
Strategic partnership for sustainable growth
Al-Rumayyan stated, “At the Fund, we are working hand in hand with the private sector to deepen the impact of our previous efforts and build an integrated economic system that drives sustainable growth through a comprehensive methodology aligned with the investment cycle.” He explained that this methodology is not limited to injecting capital, but extends to creating an attractive investment environment that fosters innovation, thus contributing to achieving the goals of the Kingdom’s Vision 2030.
Al-Rumayyan added that the forum has succeeded in establishing itself as the largest platform of its kind for seizing partnership and cooperation opportunities between the Fund and the private sector, noting that the Fund has effectively succeeded in turning theoretical dialogues and discussions into tangible investment opportunities on the ground, reflecting the Fund’s commitment to empowering local companies and enhancing local content.
Economic context and Vision 2030
Al-Rumayyan's remarks come at a time when the Saudi economy is undergoing massive structural transformations, with the Public Investment Fund (PIF) serving as the primary driver of economic diversification away from oil. Since the launch of Vision 2030, the PIF has been working to establish promising new sectors such as tourism, entertainment, renewable energy, and defense industries. The "accelerating growth" phase that Al-Rumayyan referred to clearly indicates the transition from the planning and launch of major projects to the operational phase of expansion and reaping the economic benefits.
The importance of the event and its expected impact
This forum is of particular importance given the scale of opportunities it presents to both local and international investors. By integrating the private sector into the Fund's major projects, the Kingdom aims to increase this sector's contribution to GDP to 65% by 2030. Furthermore, strengthening these partnerships directly contributes to creating thousands of high-quality jobs for Saudi citizens, facilitating technology transfer, and localizing industries, thereby enhancing the resilience of the Saudi economy and making it more agile in the face of global economic challenges.
In conclusion, Al-Rumayyan’s remarks reflect a firm commitment to maintaining economic momentum, as the fund is no longer just an investment entity, but a market maker and a key enabler of the private sector, which bodes well for a promising economic future based on diversification and sustainability.
