Al-Rumayyan: 591 billion riyals spent on local content until 2024

The Governor of the Public Investment Fund, Yasser Al-Rumayyan, said: The Local Content Development Program contributed to driving the growth of its spending and its portfolio companies on local content over the past years, reaching 591 billion riyals during the period from 2020 to 2024.

In his speech during the opening of the fourth edition of the Public Investment Fund and the Private Sector Forum, Al-Rumayyan added that the forum has become the largest platform of its kind to seize opportunities for partnership and cooperation with the private sector.

25 thousand participants

He indicated Since 2023 until today, the number of participants in the forum has reached 25,000 participants from leaders of the government and private sectors and investors in Saudi Arabia and the world.

He pointed out that in the previous edition, we succeeded in transforming dialogues into tangible opportunities for the private sector through qualitative programs and initiatives that supported the growth of the business environment.

140 Agreements

He pointed out that the previous edition of the Public Investment Fund and the Private Sector Forum witnessed the conclusion of 140 agreements worth more than 15 billion riyals, This is true evidence of the partnership that binds us together in transforming the Saudi economy into one of the fastest growing economies in the world.

He added that this reflects the Public Investment Fund’s commitment to enabling the private sector to contribute to leading the economic transformation in Saudi Arabia to be a possible partner for growth and a creator of opportunities.

Al-Rumayyan said: "We meet today at a pivotal stage in the Saudi economy, where the rules of competitiveness will reach a higher level, sectors and permanent value chains will mature, and the ceiling of ambition will be raised to a place where opportunities are not measured by returns, but by innovation and determination."

He pointed out that the Public Investment Fund is working with the private sector to deepen the impact and build an integrated economic system that leads sustainable growth, through a methodology consistent with the investment cycle that begins with taking risks in building strategic sectors and establishing pioneering partnerships and initiatives that strengthen these sectors, which in turn stimulates spending on local content, localizing supply chains, and developing capabilities, local industries, and infrastructure.

He said: "We see this impact in the programs and initiatives launched by the Fund to strengthen its partnership with the private sector"

Contractor Financing

He added that the Contractor Financing Program contributed to enabling and implementing Fund projects worth more than 10 billion riyals through innovative financing solutions, which led to the participation rate of local contractors in the Fund’s projects to 67% in 2025.

He noted that the Fund’s platform for the private sector provided more than 190 investment opportunities with a value exceeding 40 billion riyals through its international partnerships and localization of supply chains, and the impact was not limited to financing, but rather It extended to raising the readiness of companies, building national competencies, and creating quality job opportunities within a system applied in accordance with the highest standards of efficiency, transparency, and governance.

He pointed out that this impact also appears in the increasing demand for investment in Saudi Arabia, and among us today are the leaders of 100 companies that have started or expanded their business here, and we welcome them as partners in the growth process.

He pointed out that since 2017, the Fund has opened new horizons through long-term investment in strategic sectors, and today it is in line with The objectives of the third phase of Saudi Vision 2030 and the Fund’s strategy for the next five years: We move from building sectors to integrating systems, and from creating opportunities to accelerating growth.

He explained that the next stage requires the private sector to have a higher level of readiness, ambition, and the ability to expand and innovate, and a stage in which the role of the private sector moves from implementation to contribution to accelerating systems in building the economy and creating value along its chains, and is witnessing accelerated economic transformations built with readiness by the private sector’s readiness and ability to invest in Innovation.

Formulating the rules of competition

He explained that during the next five years, the rules of competition will be reformulated through profound transformations in business models, artificial intelligence, capital markets, content localization, and supply chains.

Al-Rumayyan said: The opportunity facing the private sector in Saudi Arabia today is the greatest opportunity to participate in leading economic growth, creating the future, and achieving sustainable returns.

He added that this is an opportunity for the future that is being made here in the Kingdom of Saudi Arabia for those who apply for it and participate with us in the journey of economic transformation. National and global economic growth.

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