Al Riyadh: PIF plays a key role in sustainable urban development

Saudi Arabia’s current urban renaissance is being propelled by Vision 2030, the nation’s roadmap for economic transformation, which centers on diversifying from oil into future industries. 

PIF is playing a key role in the country’s diversification efforts by boosting industries, including the Construction, Building Components and Services sector, forming strategic economic partnerships, and localizing technologies and knowledge, reported Al Riyadh newspaper.

The PIF-owned ROSHN real estate developer, for example, is notable for its contribution to the national goal of raising the rate of home ownership in Saudi Arabia to 70% by 2030, while the Diriyah giga-project, which showcases 300 years of Saudi history, is enabling many strategic local sectors. 

To further support the construction industry, PIF earlier this year invested USD 1.3 billion by way of subscribing to new shares as part of the capital increases in four leading local construction companies​: Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company. 

More broadly, the Fund’s investments and initiatives focus on growing the proportion of its subsidiaries’ spending on local content – goods and services sourced from within Saudi Arabia – to 60% by the end of 2025.