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PIF Launches Tasama Platform to Empower Saudi Arabia’s Business Services Sector

Prime Highlights

  • Public Investment Fund launches Tasama, consolidating TAQNIA’s incubators and PIF’s Shared Services Center.
  • Action reinforces Saudi Arabia’s Vision 2030 innovation and diversification objectives.

Key Facts

  • Tasama will offer accounting, HR, procurement, digital software, and workspace support services to public and private enterprises.
  • With assets worth more than $1.15 trillion, PIF is adapting its focus to sustainable returns and strategic expansion.

Key Background

Saudi Arabia’s Public Investment Fund (PIF) has launched a new business platform, Tasama, to revamp the Kingdom’s business services industry. Tasama is the integration of PIF’s Shared Services Center with Business Incubators and Accelerators Company (BIAC), which was previously operated by TAQNIA, to deliver effective, high-quality business services to businesses conducting activities in the Kingdom.

The project is in line with Saudi Arabia’s Vision 2030 by creating a more investor-oriented, innovative, and competitive landscape. Tasama seeks to bring domestic and international companies through the elimination of operational hassle for them and ease of market access. Tasama provides end-to-end services ranging from human resources to accounting, procurement, access to digital tools, incubator networks, and serviced office space.

Tasama launch. This is new success for PIF in an attempt to oversee over SR4.32 trillion ($1.15 trillion) of assets. In this manner, the PIF is changing from high-growth asset to more disciplined one with focus on long-term solvency, sustainability, and contribution. Sovereign wealth fund managers have viewed this move as an indication of matured investment outlook.

According to Mohammed bin Nasser Al-Jasser, CEO of Tasama, the platform will play a key role in building the business services sector as a standalone economic pillar. It will also facilitate national skills, contribute to better operational efficiency for corporates and startups, and fuel innovation across the board.

Tasama will be operating at the national level and is ideally suited to act as a catalyst in the capacity of bringing business efficiency and entrepreneurial success to the Kingdom. Its integrated approach will allow government-linked organizations and private businesses to address the needs of business today while contributing to economic diversification and knowledge-based development desired by Saudi Arabia’s leadership.

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