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Saudi Arabia’s PIF Makes Efforts to Enhance Local Investors’ Participation in its Projects

Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
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Saudi Arabia’s PIF Makes Efforts to Enhance Local Investors’ Participation in its Projects

Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)

The Saudi Public Investment Fund (PIF) has been making strong efforts to enhance the participation of local contractors in the projects of the fund’s affiliates, to enable establishments to carry out development work in accordance with the highest quality standards.

In June, the Saudi Contractors Authority, in cooperation with the fund, launched the contractor pre-qualification program for the fund’s units.

The program aims to provide various services and facilities, enabling contractors to pre-qualify under the applicable technical standards. It will also provide a highly reliable indicator for PIF’s affiliates to implement construction projects with the local private sector.

According to official information, PIF is currently working with the Saudi Contractors Authority of the Federation of Saudi Chambers to hold a number of workshops across the Kingdom to introduce the fund’s projects and facilitate the registration mechanism.

The Saudi Contractors Authority (SCA) had urged all contractors to register in Muqawil portal to start pre-qualification for various projects under PIF’s affiliates program.

According to a statement by the SCA, the pre-qualification program enhances contractor opportunities by undertaking quality projects for the sovereign wealth fund’s affiliates. The service offers a platform that includes several of PIF’s units in a unified pre-qualification program.

The program also seeks to enhance competitiveness and transparency in the contracting sector and allows development of existing and future projects, in line with the highest quality standards, the statement added.

Meanwhile, the SCA and DMG Events concluded on Thursday an agreement to organize the Saudi Infrastructure Summit 2023 during the Saudi Infrastructure Exhibition on Sept. 11-13 in Riyadh.

The summit will focus on the revolutionary transformation of the infrastructure in the Kingdom with the participation of more than 60 influential speakers and 400 international and local experts.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.