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JEDDAH: ����ֱ��’s Public Investment Fund launched a strategic program designed to build skills, address labor market needs, and support economic diversification to boost national talent. 

The “azm” workforce development program was unveiled at a signing ceremony attended by Education Minister Yousef Al-Benyan and PIF Governor Yasir Al-Rumayyan, alongside partners from the Technical and Vocational Training Corp., Colleges of Excellence, Human Resources Development Fund, and Roshn Group. 

The launch underscores PIF’s role in advancing Vision 2030, ����ֱ��’s plan to transition to a knowledge-based economy and reduce reliance on oil revenues. 

In a post on its official X account, PIF said it launched “the ‘azm’ program to empower national talents and equip them with the expertise and skills required by the labor market, thereby contributing to building a stronger and more diverse national economy, through a signing ceremony that included the program’s partners.” 

According to the sovereign wealth fund, azm aims to create a pipeline of technically skilled Saudis to meet the needs of PIF’s investments, portfolio companies, and ecosystem partners. It focuses on employer-driven skill development, with 80 percent of training based on hands-on, real-world applications. 

Under the program, PIF signed memoranda of understanding with TVTC and the Colleges of Excellence to manage and deliver training. The agreements cover curriculum development, contracting with local and international providers, overseeing registration and evaluation, and operating training facilities. 

“Future cooperation between Colleges of Excellence and the fund includes launching an academic entity under the azm program to serve as a specialized training body in developing technical and professional skills for Saudi youth,” the Colleges of Excellence posted on its X account.

The fund said azm will offer tailored training at competitive costs, apply rigorous learner selection, and provide financial incentives to cover tuition. Employers partnering with the program will gain access to a job-ready Saudi workforce trained to their specifications. 

PIF said azm leverages its existing experience in delivering training across portfolio companies and taps into a broad network of local and international providers. It also benefits from strong ties with accreditation bodies and access to government funding mechanisms for workforce development.

RIYADH: Greenfield foreign direct investment projects in ����ֱ�� posted a 30.1 percent annual rise in the first half of 2025 to reach 203, according to an analysis. 

Total capital inflows into the sector reached $9.34 billion over the period, up 1.7 percent from the same six months of 2024, said investment and financial services bank Emirates NBD in its latest report.

The UN defines greenfield FDI as where a parent company starts a new venture in a foreign nation by constructing operational facilities from the ground up. Most parent companies also create long-term jobs in the country.

“Riyadh emerged as the dominant destination in ����ֱ��, attracting 100 greenfield FDI projects with capital inflows of $2.30 billion. Dammam secured 21 projects worth $1.28 billion, while Jeddah attracted 13 projects valued at $1.22bn, demonstrating the Kingdom’s multi-city investment appeal aligned with Vision 2030 objectives,” said Emirates NBD. 

Under the Vision 2030 agenda, ����ֱ�� aims to attract $100 billion in FDI a year by the end of the decade as it seeks to make significant strides in diversifying its economy and reducing its decades-long dependence on crude revenues.

In June, a report released by the General Authority for Statistics revealed that net FDI into ����ֱ�� stood at SR22.2 billion ($5.9 billion) in the first quarter of this year, representing a rise of 44 percent compared to the same period in 2024. 

US leads

The US emerged as the top contributor of greenfield FDI in the Kingdom during the first half of the year, accounting for 61 projects, valued at $2.1 billion. 

The report said the US represented 30 percent of all projects and 29 percent of total capital investment during the first six months of this year. 

Egypt ranked second in capital investment with $1.81 billion from just 11 projects, driven by major real estate developments.

China contributed $858.3 million through 11 projects, while France invested $771.7 million across 6 projects.

From the Gulf Cooperation Council region, the UAE invested $205.3 million across 25 projects.

Sectoral breakdown 

In terms of value, the communications sector attracted the highest capital investment, with $1.92 billion secured for 11 projects in the first six months of this year. 

The strong figures in the communications sector were driven by US-based Equinix’s $1 billion data center investment announced at the LEAP 2025 tech conference in Riyadh in February. 

The real estate sector came second with greenfield FDI worth $1.79 billion from nine projects, largely driven by Egypt-based entities. 

Egypt-based real estate consortium, led by Paragon Developments and El-Attal Holding, invested over $1.7 billion across multiple mixed-use real estate projects in Riyadh and Jeddah. 

“These projects, which began construction in the first half of 2025, directly support the Kingdom’s housing program objectives and urban development goals under Vision 2030,” said Emirates NBD. 

The electronic components sector attracted investments worth $879.3 million, followed by warehousing at $779 million and the chemical industry at $765.4 million. 

In terms of number, the business services sector dominated with 55 projects, representing 27 percent of the total. 

“This sector encompasses diverse activities, including environmental services, consulting, and water infrastructure development,” said Emirates NBD. 

Spain-based Lantania secured a $500 million contract to build the Ras Mohaisen desalination plant in partnership with India’s L&T. 

The plant is expected to serve approximately one million residents in the Makkah and Al-Baha regions, featuring four desalinated water tanks with 600,000 cubic meter total storage capacity.

Another major investment in the business service sector was made by Hong Kong-based Pico Play, a subsidiary of Pico Far East, which invested $456.1 million to develop a major leisure and entertainment manufacturing facility in Riyadh. The project, which began operations in March, features a theme park, entertainment infrastructure, and immersive experience technologies.

The software and IT services sector secured 35 projects, representing 17 percent of the total greenfield FDI projects, driven by ����ֱ��’s rapid digital transformation agenda and growing tech ecosystem.

Transportation and warehousing secured 14 projects, while industrial equipment also attracted 14 projects, reflecting ����ֱ��’s industrial diversification efforts. 

One of the major investments in the industrial sector was made by Kirby Building Systems, based in Kuwait, which committed $315.1 million to establish a pre-engineered steel buildings manufacturing facility in Sudair Industrial City. 

India’s Welspun Group also invested $315.1 million in a steel pipe and coating facility in Dammam. 

Both these projects began construction in early 2025 and are expected to support supply chain localization for the Kingdom’s construction and energy sectors.

The financial services sector attracted 11 projects, underscoring the Kingdom’s growth as a regional financial hub.

The report further said that ����ֱ�� attracted 25 new foreign firms to open their regional headquarters in the Kingdom, amplifying the country’s status as a global business destination. 

The growth was fueled by the government-backed Riyadh regional headquarters program, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. 

In March, the Saudi Press Agency reported that around 600 international companies have set up bases in ����ֱ�� since 2021, including Northern Trust, IHG Hotels and Resorts, and Deloitte.