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Saudi Arabia Strengthens Private Sector Collaboration at PIF Forum

Gatherers at the second edition of the PIF and Private Sector Forum. (PIF and Private Sector Forum)
Gatherers at the second edition of the PIF and Private Sector Forum. (PIF and Private Sector Forum)
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Saudi Arabia Strengthens Private Sector Collaboration at PIF Forum

Gatherers at the second edition of the PIF and Private Sector Forum. (PIF and Private Sector Forum)
Gatherers at the second edition of the PIF and Private Sector Forum. (PIF and Private Sector Forum)

Saudi Arabia is intensifying efforts to boost private sector contributions to its economy and attract foreign investments, aligning with Vision 2030’s goal of reducing reliance on oil. The Public Investment Fund (PIF) plays a pivotal role in this transformation by fostering an attractive investment climate and establishing new economic sectors.

A key platform driving this initiative is the 2025 PIF and Private Sector Forum, which launches on Wednesday in its third edition. The forum serves as a bridge between PIF, its subsidiaries, and private enterprises, reinforcing partnerships to accelerate economic diversification.

The Kingdom aims to increase the private sector’s share of GDP to 65% by 2030. To achieve this goal, the government has implemented economic reforms to enhance business operations, digitize government services and create financing programs, incubators and accelerators to support private enterprises.

PIF has been instrumental in unlocking previously untapped non-oil sectors, providing new investment opportunities. Local businesses have capitalized on these developments, contributing to sectoral growth and national economic expansion.

Private sector contribution

Since the launch of Vision 2030, Saudi Arabia has made significant strides in attracting foreign investments and bolstering private sector activity. In January 2025, the Kingdom’s non-oil economy recorded its strongest performance in over a decade.

The Riyad Bank Purchasing Managers’ Index (PMI) surged from 58.4 in December 2024 to 60.5 in January 2025, marking its highest level since September 2014. The PMI, a key economic indicator, reflects improvements in private sector conditions.

The country’s economy grew by 1.3% in 2024, driven by a 4.3% expansion in non-oil activities, while the oil sector experienced contraction. The Ministry of Finance had projected a 0.8% GDP growth for the year, while the International Monetary Fund (IMF) estimated a 1.4% expansion.

Managing assets worth approximately $930 billion, PIF plans to reduce its international investment share from 30% to 18-20%, emphasizing domestic development projects.

“Most of PIF’s investments focus on national development initiatives,” stated PIF Governor Yasir Al-Rumayyan at the Future Investment Initiative conference.

Strategic sectors

Dr. Moodhi Al-Otaibi, Assistant Professor of Economics at Al Yamamah University, highlighted PIF’s essential role in achieving Vision 2030 through active contributions to local and global economic frameworks. This has positioned Saudi Arabia as a leading investment hub, fostering economic transformation and private sector growth.

She emphasized the private sector as the Kingdom’s long-term strategic partner, noting PIF’s commitment to enhancing local content. The fund focuses on 13 key industries, including housing, tourism, hospitality and entertainment, while also driving innovation.

PIF’s investment portfolio includes 99 companies that have significantly contributed to localization and economic diversification. The fund has introduced several targeted initiatives, such as Mosaahama (Contribution), Business Accelerator, and the PIF SME Program, to empower private enterprises and connect them with emerging opportunities.

The PIF and Private Sector Forum has seen rapid growth in participation over its past two editions. Attendee numbers surged from 4,000 in 2023 to 9,000 in 2024, while the number of PIF portfolio company booths expanded from 50 to 83. The forum also facilitated agreements and memorandums of understanding worth approximately SAR 17 billion ($4.5 billion).

The 2025 edition is expected to host 1,000 high-profile participants from public and private sectors. Over 120 speakers will take part in discussions, with extensive media coverage from more than 40 local and international outlets.

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Business

Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.

Business

Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.

Business

China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
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China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)

China pledged on Friday to double down on upgrading its manufacturing base and ​promised capital to fund efforts targeting technological breakthroughs, after its industrial sector delivered an underwhelming performance this year.

China's industry ministry expects output of large industrial companies to have increased 5.9% in 2025 compared with 2024, state broadcaster CCTV said on Friday, almost unchanged from the 5.8% pace in 2024.

It would also be less than the ‌6% pace ‌of the first 11 months of ‌2025, ⁠based ​on ‌data released by the National Bureau of Statistics, as a weak Chinese economy suppressed domestic demand.

Industrial output, which covers industrial firms with annual revenue of at least 20 million yuan ($2.85 million), recorded growth of 4.8% in November, the weakest monthly year-on-year rise since August 2024.

Chinese policymakers have been looking ⁠to create new growth drivers in the economy by focusing on advancing ‌its industrial sector.

China has also vowed stronger ‍efforts to achieve technological self-reliance ‍amid intensifying rivalry with the United States over dominance ‍in advanced technology.

At the annual two-day national industrial work conference in Beijing that ended on Friday, officials pledged to deliver major breakthroughs in building a "modern industrial system" anchored by advanced manufacturing.

The ​focus will be on sectors such as integrated circuits, low-altitude economy, aerospace and biomedicine, an industry ministry ⁠statement showed.

The statement comes after China launched on Friday a national venture capital fund aimed at guiding billions of dollars of capital into "key hard technologies" such as quantum technology and brain-computer interfaces.

On artificial intelligence, the industry ministry said it will expand efforts to help small and medium-sized enterprises adopt the technology, while fostering new intelligent agents and AI-native companies in key industries.

Officials also vowed to "firmly curb" deflationary price wars, dubbed "involution", referring to excessive and low-return competition among ‌firms that erodes profits.