PIF generated half a million jobs in Saudi Arabia

21/06/22

Saudi Arabia`s Public Investment Fund (PIF) has generated over 500,000 jobs in 13 strategic sectors.

One of the central roles of the PIF is to increase economic and business opportunities in the Kingdom of Saudi Arabia. The PIF is among the world’s largest sovereign wealth funds. It currently manages assets of SAR 2.33 trillion (USD 620 billion).

Since 2016, the PIF has founded over 50 companies including in the real estate, infrastructure, recycling and clean energy sectors and is on track to create more.

The institution intends to create opportunities and possibilities for Saudi companies, accelerate economic growth and improve the domestic supply chain. As a result, several PIF owned companies have recently signed contracts with private sector businesses. These agreements directly benefit Saudi citizens and offer increased employment options. Such companies include NEOM, The Red Sea Development Co., Qiddiya, ROSHN, National Security Services Co., Saudi Arabian Military Industries and the Soudah Development Co.

In addition, the PIF is working with the Shareek program to create private public partnerships (PPPs). It aims to increase the non-hydrocarbon gross domestic product and unlock investments worth SAR 4.99 trillion (USD 1.33 trillion) by the end of this decade.

Furthermore, in line with the Vision 2030, the PIF is also investing in a number of green projects and will develop 70% of Saudi Arabia’s renewable energy. It has recently launched Sudair Solar PV, which will fulfil the energy needs of 185,000 households in the country.

As part of the fund’s renewable energy program, the regional Voluntary Carbon Market (VCM) was developed to achieve the country’s goal of net zero carbon emissions by 2060. It is expected to launch in 2023 and will help companies reduce their carbon footprint by offsetting their carbon emissions.

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