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.



Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
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Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)

Egypt's GDP growth rate increased to 4.3% in the second quarter of its 2024/25 year compared with 2.3% in the same period a year earlier, the planning ministry said on Wednesday.

GDP grew along with total investments, though public investments were below 40% of the total. Several sectors supported growth, including non-oil manufacturing activity, which was up by 17.74%, and tourism activity, which surged 18%. The fiscal year began on July 1.

Some sectors contracted in the second quarter of fiscal 2024/25, including the Suez Canal, where activity fell by 70%.

Extraction activity growth fell 9.2%, on the back of oil extraction activity, which slipped 7.6% and gas by 19.6%.