The Public Investment Fund (PIF) has contributed to boosting employment in Saudi Arabia through its investments since 2018, revealing that it has created more than 1 million new jobs directly and indirectly to date.
The fund said its accounts on the (X) platform will be responsible for 13% of all new jobs in Saudi Arabia in 2024.
He noted that this confirms the Fund’s continued role in promoting economic growth and expanding opportunity.
The jobs created through the fund’s investments were distributed across strategic sectors such as aviation, mining, logistics, entertainment, technology and manufacturing.
Stimulating and attracting investment
Public Investment Fund President Yasser Al-Rumayyan previously explained that spending on local content through the fund and its portfolio companies reached approximately 400 billion riyals between 2020 and 2023. It pointed out that the Fund’s private sector platform offers opportunities worth R40 billion with the aim of stimulating and attracting investments across the value chain.
He said that the programs and initiatives launched by the Fund over the past two editions will enhance the effectiveness achieved by the Fund, with the aim of empowering the private sector across the value chain.
He said the fund is committed to providing opportunities for private sector growth, stimulating the private sector’s innovation capacity and strengthening its role in the economy, increasing its contribution to domestic production to 65% by 2030, in line with the goals of Saudi Vision 2030.
3 basic paths
According to the Fund’s President, Al Rumayan said the Fund is doing this through an integrated strategy through three fundamental channels: investment spending, creating opportunities for suppliers, localizing capabilities and expertise in the supply chain, and stimulating and attracting investments across the value chain.
He said many emerging manufacturing companies have benefited from the industrial business accelerator program launched by the fund. Enable these companies to develop competitive and innovative products and services, grow their businesses in the Kingdom and meet the requirements of the Fund’s portfolio companies. The Fund also continued to invest in human capital by developing local talent and capacity to support supply chain localization and knowledge transfer.
