Saudi Arabia’s Public Investment Fund (PIF) has been named the 2024 Middle East Project Management Office (PMO) of the Year, recognizing its vital role in advancing the Kingdom’s Vision 2030 transformation plan.
The award was presented by the PMO Global Alliance (PMOGA), which also ranked PIF second globally in its PMO Global Awards, alongside three Excellence Distinctions. “This recognition exemplifies the superior role that PIF is playing as a leading organization in the project management field,” PIF said in a post on X.
Since launching its PMO in 2016, PIF has been a cornerstone of Saudi Arabia’s economic diversification efforts, managing $925 billion in assets and overseeing mega-projects aimed at transforming the Kingdom into a global tourism and business hub.
PIF’s PMO has grown from a five-person team to 77 full-time employees, managing 66 active projects valued at $17 billion with an annual budget of $7 million. The number of projects has surged 76% since 2016, with a 94% improvement in success rates.
Globally, SPC Brazil was named World PMO of the Year, while other regional winners included Libya’s Waha Oil Co. (Africa), Indonesia’s Persero (Asia-Pacific), and ING Spain and Portugal (Europe).