Saudi Arabia’s Crown Prince Mohammed bin Salman announced the “Saudi Arabia’s Partner Program” with the private sector during a virtual meeting with a number of ministers, as well as senior businessmen and heads of major companies in the Kingdom.
According to the Crown Prince, the Kingdom will spend more in the next 10 years than it has done in the past 300 years. In his announcement of the new “Shareek” partner program to strengthen the partnership with the private sector, Crown Prince said that the oil giant Aramco and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030.
“When we’re talking about 27 trillion Saudi riyals in the next 10 years, solid, we have it, solid. 3 trillion from the Public Investment Fund (PIF), we announced it and where we brought it from, committed to spend. Today, 5 trillion from the big companies, a majority of which are government-owned, solid and committed. 4 trillion riyals under a strategy to be announced later, part of it is business as usual and a bigger part of it is solid, we have it, 12 trillion riyals,” the Crown Prince told a panel discussion of representatives from the private sector.
The total amount would rise to 27 trillion riyals with government spending and domestic consumption.
“The new Shareek (Partner) program will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to 65% by the end of the decade,” he added.
He stressed that building a vibrant and prosperous private sector is one of the Kingdom’s national priorities, given the importance it represents, and a vital role, as a major partner in the prosperity and development of the Kingdom’s economy, to continue to perform its supportive tasks, to achieve the national aspirations set by Vision 2030.