$51 billion.. "Shareek" program launches a package of projects for 8 Saudi companies

The Kingdom of Saudi Arabia has made plans to invest 192 billion riyals ($51 billion) by local companies including Saudi “Aramco”, as part of a government incentive program, as the Kingdom seeks to accelerate its plan to diversify its economy away from oil.

The program to strengthen the partnership with the private sector in Saudi Arabia (shareek) announced the first package of projects of the major companies joining the program specially designed to support the major Saudi companies.

12 projects at a cost of 192 billion riyals

Abdul Aziz Al-Arifi, the CEO of the program, said that the number of companies in the first package of the program to strengthen the partnership with the private sector "shareek" reached 28 companies, including 8 major companies working on 12 projects at a cost of 192 billion riyals.

The " shareek " program helps companies that meet the qualification criteria to increase the volume of their investments and speed up the pace of implementing their projects and explore new investment opportunities by providing them with government support.

12 projects for the private sector

Al-Arifi added that the "Shreek" program has become a major choice for major private sector companies, as the program enabled 12 private sector projects in four vital sectors.

He pointed out that the total value of the projects announced during the ceremony amounts to about 192 billion riyals, and the share of major companies’ investments (Shreek) represents about 120 billion riyals, and its impact on the Kingdom’s GDP reaches 466 billion riyals over the next two decades, with an economic multiplier estimated at more than (2.43) times, and bear high strategic and economic importance for the Kingdom.

Growth of 8 national companies

Al-Arifi pointed out that these projects enhance the growth of 8 national companies and contribute to raising their competitive capabilities at the international level. Projects have one of the main criteria WFP considers when providing enablers.

The first package of subsidized projects will have an economic and strategic impact on a number of economic sectors in the Kingdom, in addition to providing 64,451 thousand new job opportunities.

Energy sector

It also includes a cloud computing services project that would bring Google cloud services to the kingdom.

  A joint venture for the manufacture of ship engines will contribute to the development of a sustainable marine industries sector and create more value in the metal and machinery manufacturing sectors that play a key role in diversifying industrial development efforts.

  A joint project for casting and forming metals in Ras Al-Khair, which will enhance the integration of industrial supply chains in the Kingdom.

The Amiral Petrochemical Complex project, which contributes to the localization of the production of new chemicals with the aim of strengthening the Kingdom's global leadership in the field of petrochemical industries.

  “ACWA Power” will receive support to establish the world's largest green hydrogen production plant, which is being developed in partnership with “NEOM Green Hydrogen” and Air Products Qudra.

The Saudi Arabian Mining Company "Ma'aden" will also receive support from the program to accelerate the completion of its "Phosphate 3" project in the “Waad Al-Shamal” region, which is expected to contribute to strengthening the company's position as the third largest producer of phosphate fertilizers in the world by 2029.

“Shareek “program

The program, called "shareek" was launched in 2021 by Crown Prince Mohammed bin Salman and is part of his "Vision 2030" plan to transform the oil-dependent Gulf kingdom into one of the world's 15 largest economies by 2030. Saudi Arabia was the fastest growth in the world among the G20 in 2022.