Crown Prince launches program to enhance partnership with private sector

Crown Prince Mohammed Bin Salman

Crown Prince Mohammed Bin Salman launched today, March 30, 2021, a program to strengthen the partnership with the private sector.  

The program aims to enhance the resilience and capacities of major regional and foreign companies. It also seeks to enhance the Saudi government’s position as a contributor for trade and strengthen the Kingdom’s reputation as a global economic power. 

The partnership with the private sector is a long-term investment, Prince Mohammed affirmed. 

The program will support Saudi companies and enable them to access local investments worth SAR 5 trillion by the end of 2030.  

The Public Investment Fund (PIF) recently announced that it will inject SAR 3 trillion new investments in the local market until 2030, in addition to SAR 4 trillion under the national investment strategy.  

Accordingly, total investments will stand at SAR 12 trillion until 2030.  

This will not include the Saudi government expenditure that will reach SAR 10 trillion in the next decade and the private consumer spending that will stand at SAR 5 trillion by 2030, the Crown Prince added, noting that the government will spend SAR 27 trillion by 2030.  

Under the new scheme, the government support will be offered through several enablers. The program will also offer practical support to accelerate the completion of major companies’ projects in the Kingdom. 

The new investments will also provide thousands of new job opportunities and will raise the private sector contribution to the Kingdom’s GDP, Prince Mohammed noted. 
 

About 'Shareek' Program:
 

'Shareek' is an innovative and collaborative program that aims to help private sector companies achieve their investment goals, accelerate the unlocking of investments worth about SAR 5 trillion to the local economy by 2030, and fast-track the growth of the Kingdom's GDP.
 

This will further contribute to the continued progress of the Saudi economy's ranking among the largest global economies, with the goal of rising to 15th, from its current position of 18th, alongside enhancing confidence in the Kingdom's investment ecosystem.
 

Designed to strengthen the partnership with the private sector, the new scheme has been structured to be an integral part of the country’s national investment strategy and economic growth plan.
 

Shareek will operate under the relevant approved guidelines from the World Trade Organization (WTO), and in accordance with other relevant domestic and international regulations and policies.
 

The program will maximize the resilience and competitiveness of large Saudi companies, both regionally and globally. It will also work as a stimulus for those who will receive support to recover from the impact of the COVID-19 pandemic.
 

The inception of the new program positions Saudi Arabia as an enabler of business and a supportive environment for investment, through proactive, innovative, and forward-looking measures.
 

It is expected that the first memorandums of understanding (MoU) will be signed between large companies and Shareek in June.