PIF was recognized for leadership in project management and securing the Saudi Arabia PMO Award for advancing Vision 2030 transformation

The Public Investment Fund (PIF) of Saudi Arabia has clinched the prestigious 2024 Middle East Project Management Office (PMO) of the Year Award, a recognition that highlights its exceptional contribution to the Kingdom’s Vision 2030 transformation goals.

Awarded by the PMO Global Alliance (PMOGA), this honour acknowledges PIF’s leadership in project management across the region. The sovereign wealth fund also ranked second globally and received three Excellence Distinctions at the PMO Global Awards. These accolades underscore the Fund’s remarkable evolution since the launch of its PMO in 2016.

PIF plays a central role in Saudi Arabia’s economic diversification efforts, managing an impressive $925 billion in assets. Its portfolio includes numerous large-scale initiatives aimed at transforming the Kingdom into a global tourism hub by the end of the decade. These projects align with Vision 2030’s objectives to diversify the economy beyond oil dependency.

In a statement, PIF emphasised the significance of the award: “This recognition exemplifies the superior role that PIF is playing as a leading organisation in the project management field.” Saad Al-Kroud, chief of staff and secretary-general to PIF’s board of directors, echoed this sentiment, calling the PMO a “critical function” and a key enabler in achieving PIF’s ambitious goals.

Since its establishment, PIF’s PMO has grown from a modest five-person team to a robust operation with 77 full-time employees. Its annual budget stands at $7 million, overseeing 66 active projects valued at $17 billion. Between 2016 and 2023, the number of projects managed by the PMO surged by 76 per cent, with a remarkable 94 per cent success rate.

“Our initial focus was on managing strategic projects while establishing giga-projects and portfolio companies across various sectors,” explained Areej Naqshbandi, senior director and PMO head at PIF. This strategic approach has positioned PIF as a benchmark for project management excellence, not only in the region but on a global scale.

While PIF claimed the top regional accolade, the global title of World PMO of the Year went to SPC Brazil, whose office oversees between 35 and 65 projects annually. Other regional winners included Waha Oil Co. from Libya (Africa PMO of the Year), Indonesia’s Persero (Asia-Pacific PMO of the Year), and ING Spain and Portugal (Europe PMO of the Year). In North America, Moffitt Cancer Center earned the top award.

Founded in 2017, PMOGA has grown into one of the largest global communities of PMOs and project management professionals, boasting members from over 100 countries. The recognition of PIF among such elite companies reinforces Saudi Arabia’s growing prominence in the global business and project management landscape.

As PIF continues to steer transformative initiatives under Vision 2030, this latest accolade serves as a testament to its strategic vision, operational excellence, and commitment to delivering impactful projects for Saudi Arabia’s future.