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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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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic "sabotage attempt".

After the mayor was detained two weeks ago, the main opposition Republican People's Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan's government.

That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to hurt the opposition's electoral prospects.

Imamoglu is Erdogan's main political rival and the CHP's presidential candidate for any future election.

Trade Minister Omer Bolat said boycott calls posed a threat to economic stability and accused those advocating them of seeking to undermine the government.

They "are an attempt to sabotage the economy and include unfair trade and competition elements. We see this as a futile attempt by circles who consider themselves the masters of this country", Bolat said.

Vice President Cevdet Yilmaz said the calls threatened social harmony and economic stability, and were "doomed to fail".

Several cabinet ministers and pro-government celebrities, including former Germany and Real Madrid soccer midfielder Mesut Ozil, used the hashtag #BoykotDegilMilliZarar ("Not a Boycott, but National Damage") to emphasize their stance.

The calls have been led by CHP chairman Ozgur Ozel, who has encouraged the street protests that have swollen to the largest in Türkiye in more than a decade. Erdogan has called the protests "evil" and said they would not last.

Türkiye’s economy has been hit by a years-long cost of living crisis and series of currency crashes, with growth having slowed and inflation still lofty at 39% in February.

On Tuesday prosecutors launched an investigation into those advocating the boycott calls on social and traditional media.

The Istanbul chief prosecutor's office said it was probing calls that allegedly sought to prevent a segment of the public from engaging in economic activity, citing possible violations of laws against hate speech and inciting public hostility.