BrazilSaudi Arabia's PIF launches its own security consulting firm
Saudi Arabia’s Public Investment Fund (PIF) has launched a security services firm titled the National Security Services Company – branded as SAFE. The goal is to support businesses with their security needs while also boosting Saudi Arabia’s private security industry.
SAFE will serve multiple functions for the kingdom. One is in an advisory capacity, as explained by PIF in a statement. “The company will provide security services that include security consulting, security solutions, training and development, and a range of specialised services.”
Combining expertise and the latest in technology, these advisory services will target both internal clients from within PIF’s vast investment portfolio, as well as businesses across Saudi Arabia in need of security support. For them, SAFE will operate as a standard private sector consulting firm. With security high on the minds of business leaders in the country, the new firm will have plenty of clients for its offering.
At the same time, SAFE also serves a much wider purpose from an economic standpoint – tasked with carving out and propelling a private security sector for Saudi Arabia. “SAFE will contribute to the growth of the Kingdom’s private security ecosystem,” read the statement, which outlined a number of state-of-the-art training programmes to generate professional interest in security.
Driving transformation
In turn, this mandate fits within the broader purpose of PIF – to drive a transformation of the Saudi economy. A sovereign wealth fund like no other, PIF currently manages $360 billion in assets, and is striving to reach $2 trillion over the next decade. Five years ago, PIF employed 100 people – a headcount that now stands at 1,000.
This astronomical growth reflects the core role PIF has taken on for Saudi Arabia’s economy recently, particularly under the reign of Crown Prince Mohammed Bin Salman – who views it as a driver of economic diversification beyond the oil trade. Using strategically targeted and substantial investments, PIF is building key industries in the Saudi economy – in some cases from ground up.
“Since 2016, PIF has created 10 new sectors, more than 30 new companies, and over 190,000 new jobs for the people of Saudi Arabia,” noted the release. And SAFE is an extension of this trend. “SAFE’s establishment is part of PIF’s Investment Strategy, to contribute to Vision 2030 by launching and developing new sectors, localizing cutting-edge technology and knowledge, and enabling the private sector,” it concluded.
