Yasir Al-Rumayyan: The percentage of local content in PIF increased from 47% in 2020 to 53% in 2023

Yasir Al-Rumayyan, Governor of the Public Investment Fund, confirmed during the Public Investment Fund and Private Sector Forum that the fund seeks to be a driving force for investment and drive economic transformation in the Kingdom.

Al-Rumayyan added that the fund is working to provide opportunities for the growth of the private sector, stimulate its ability to innovate, and enhance its role in the economy, leading to raising its contribution to the GDP by 65% ​​by 2030.

Al-Rumayyan said that the fund is implementing this through an integrated strategy that includes 3 main tracks: investment spending, creating opportunities for suppliers, developing capabilities and resources in supply chains, and stimulating and attracting investments across the entire value chain.

The Governor of the Public Investment Fund stated that from 2020 to 2023, total spending on local content through the fund and its portfolio companies amounted to approximately 400 billion riyals. Supported by the contribution program. The percentage of local content in the Public Investment Fund and its companies increased from 47% in 2020 to 53% in 2023. Al-Rumayan also stressed the Fund’s continuous work to raise the percentage in the coming years. For his part, Jerry Todd, Head of National Development at the Public Investment Fund, said that the local private sector has opportunities with the Public Investment Fund in 3 broad tracks, which are supplying goods, building local supply chains supported by technology, and providing training and development programs.