https://arab.news/2vava
RIYADH: 萝莉视频鈥檚 Public Investment Fund has launched a Local Content Growth Program that aims to grow competition and innovation in the private sector.
The newly launched program aims to achieve the Fund鈥檚 goal of increasing its contribution to the Saudi economy to 60 percent by the end of 2025, according to a statement.
In line with Saudi Vision 2030, this will enable and support the Kingdom鈥檚 private sector products and services.
The program also includes a Local Content Policy, in which PIF鈥檚 portfolio companies will encourage and support local products and services from project design stage to implementation.
鈥淟aunching the PIF Local Content Growth Program strengthens PIF鈥檚 position as a key enabler of a thriving private sector and a more resilient domestic economy in 萝莉视频,鈥� Head of the National Development Division, said.
鈥淭his move will help build local capabilities, create opportunities for private sector players across the value chain, and build on 萝莉视频鈥檚 position at the regional and global level in line with Vision 2030,鈥� Jerry Todd added.
In 2021, PIF鈥檚 portfolio companies awarded SR140 billion ($37 billion) of contracts to local private sector companies.
Around 60 percent of the contracts went to the construction materials and services, information technology and telecommunications, and financial services sectors.
The announcement came during the sixth edition of the Future Investment Initiative in Riyadh