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Reading: Report shows PIF generated 762,000 direct and indirect jobs
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Gulf Press > Gulf > Saudi Arabia > Report shows PIF generated 762,000 direct and indirect jobs
Saudi Arabia

Report shows PIF generated 762,000 direct and indirect jobs

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Last updated: 2024/07/22 at 8:51 PM
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The Public Investment Fund (PIF) recently announced in a report released by Okaz newspaper that it has created 762,000 direct and indirect job opportunities through its investments. The fund operates across 13 strategic sectors and has established 95 companies within its portfolio. The PIF manages approximately SR3.47 trillion in investments, with SR1.75 trillion in market value across listed companies. Its direct holdings include 23 companies such as Aramco, STC, Ma’aden, Acwa Power, Elm, Tadawul, and others, and it also holds indirect stakes in companies like Al-Safi, Almarai, and Nadec.

The PIF’s primary objective is to encourage private sector growth in Saudi Arabia by investing in new and promising sectors to create jobs, develop capabilities, and enhance local economic competitiveness regionally and globally. The fund remains active in managing its companies by defining and developing strategies and initiatives across various sectors. The PIF reviews the current status of its investment portfolios, makes adjustments as necessary based on new data and input from asset managers and investment advisors, and aligns its investment policy with its objectives across different sectors.

The fund’s investments play a vital role in boosting the Saudi Arabian economy and creating employment opportunities for its citizens. By investing in new and promising sectors, the PIF aims to drive economic growth and enhance the country’s competitiveness on a global scale. The fund’s direct and indirect holdings in a wide range of companies, from energy to food and beverage, contribute to the diversification of the economy and help in developing the capabilities of the local workforce.

The PIF’s commitment to private sector growth and job creation is evident in its efforts to invest in companies that have the potential to expand and generate employment opportunities. By actively managing its investments and aligning its strategies with its objectives, the fund is able to make a significant impact on the economy and contribute to the overall development of Saudi Arabia. The PIF’s focus on creating jobs, developing capabilities, and enhancing economic competitiveness underscores its dedication to driving sustainable growth and prosperity in the region.

With its substantial investment portfolio and strategic approach to managing its companies, the PIF plays a crucial role in supporting the Saudi Arabian economy and driving private sector growth. By investing in new and emerging sectors, the fund is able to create opportunities for job seekers, develop the skills of the workforce, and promote economic competitiveness both locally and globally. The PIF’s continued efforts to review and adjust its investment portfolios in line with its objectives demonstrate its commitment to making a positive impact on the economy and ensuring long-term sustainable growth for Saudi Arabia.

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News Room July 22, 2024
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