The Public Investment Fund (PIF) announced an exceptional achievement: contributing to the creation of more than one million new jobs in Saudi Arabia, both directly and indirectly, through its diverse investments since 2018. This announcement underscores the pivotal role the Fund plays in achieving the goals of Vision 2030 .
A pivotal role in the Saudi labor market
The fund revealed through its official account on the “X” platform data showing the acceleration of the pace of employment, as the fund alone was responsible for creating 13% of the total new jobs provided in the Kingdom during 2024. This percentage reflects the direct and effective impact of the fund’s strategies in reducing unemployment rates and raising the quality of life by providing sustainable job opportunities for citizens.
Promising strategic sectors
The newly created jobs were not limited to a single sector, but rather encompassed a wide range of strategic sectors targeted by the fund to diversify income sources away from oil. These opportunities were distributed across vital areas including:
- The aviation sector: which is witnessing a comprehensive revival to connect the Kingdom with the world.
- Mining: To exploit the mineral wealth inherent in the lands of the Kingdom.
- Logistics services: To consolidate Saudi Arabia's position as a global logistics hub.
- Entertainment and tourism: These are among the new pillars of quality of life.
- Technology and manufacturing: to promote innovation and localize industries.
Enhancing local content and empowering the private sector
Yasir Al-Rumayyan explained that the Fund adopts a comprehensive approach to strengthening the national economy. He noted that spending on local content through the Fund and its portfolio companies reached approximately 400 billion riyals between 2020 and 2023, reflecting a strong commitment to supporting national companies.
Al-Rumayyan also noted that the Fund’s “Private Sector Platform” is currently offering investment opportunities worth up to 40 billion riyals , aimed at stimulating and attracting investments across the entire value chain, thus opening up broad prospects for local and international investors.
Towards a sustainable economic future
These efforts are part of an integrated strategy aimed at raising the private sector's contribution to GDP to 65% by 2030. The fund is working through three main tracks to achieve this: intensive investment spending, creating opportunities for suppliers, and localizing capabilities and expertise in supply chains.
The fund pays special attention to manufacturing startups through business accelerator programs, in addition to investing in human capital and developing local talent, to ensure the presence of qualified national cadres to lead these new sectors and contribute to building a prosperous and sustainable economy.
