Shareek’s first projects to motivate companies to invest locally: Al-Jadaan

Mohammed Al-Jadaan, Minister of Finance

Minister of Finance Mohammed Al-Jadaan said that the first bundle of supported projects for eight companies in the Private Sector Partnership Reinforcement Center (Shareek), worth SAR 192.4 billion, will stimulate major private sector companies to expand local investment, coinciding with the Kingdom becoming the fastest growing economy in the G20 during 2022.

The program seeks to support additional projects for major companies and help overcome the challenges, which will contribute to accelerating their growth, Saudi Press Agency reported.

The announcement of the first 12 empowered projects helps drive the private sector, leading to sustainable growth, Al-Jadaan said.

He pointed out that the projects, which belong to four vital sectors, will have an economic impact on the Kingdom, by contributing to the localization of industries, opening new investment areas, and providing job and business opportunities for citizens. This will contribute to reducing unemployment rates.

Shareek program also works to develop new investment opportunities in line with the Kingdom's national strategies.

The minister added that some of these opportunities may require international partnerships to transfer knowledge, contribute to the sustainability of projects and compete globally, which opens the way for partnerships between major companies in the Kingdom and foreign investors, where some of the projects announced in the first bundle included examples of these partnerships.

The economic transformation taking place in the Kingdom will be discussed at the Financial Sector Conference (FSC), that will be held on March 15-16, during which ways to work with foreign investors to support growth in the Kingdom, the region and the world will be reviewed, Al-Jadaan noted.