Saudi “Shareek” program announces its first investments, amounting to $ 51.2 billion

 

HRH the Saudi Crown Prince, Mohammed bin Salman bin Abdul-Aziz, witnessed (Wednesday) the announcement of the (Shareek)  “Partnership Enhancement Program with the Private Sector”.

 

The Crown Prince launched the program on March 30, 2021, and supervises its implementation through his chairmanship of the Major Companies Investments Committee (Shareek).

 

The Shareek program currently includes 28 companies from the Saudi private sector.

 

During the announcement ceremony in Riyadh, framework agreements were signed for 12 projects that will be implemented by 8 companies, in strategic and vital sectors.

 

The Shareek program contributes to enhancing the economic growth of the Kingdom, localizing industries, stimulating innovation, and enhancing the level of partnership between the government and private sectors.

 

The CEO of “Shareek”, Abdul-Aziz Al-Arifi, explained that the share of major companies’ investments represents about 120 billion riyals of the total value of the announced projects.

 

The Shareek program’s impact on the GDP reaches 466 billion riyals over the next two decades, with an economic multiplier estimated at more than 2.43 times, noting that it carries high strategic and economic importance for the country.

 

It will also provide 64,451 thousand new job opportunities, the signing ceremony included: approval to support five projects for “Saudi Aramco” and to speed up its implementation.

 

The Shareek program will contribute to the creation of more than 10,000 jobs, namely: “A project to establish a factory for iron sheets”, that aims to achieve self-sufficiency for Saudi Arabia in terms of meeting the demand for sheets by 2030.

 

The Cloud Computing Services Project; is to bring Google cloud services to the Kingdom, and a project to manufacture ship engines.

 

A project for casting and forming metals in Ras al-Khair; which contributes to the localization of the production of new chemicals.

 

 

In the energy sector, ACWA Power will receive support to establish the largest green hydrogen production plant in the world and support its efforts to reduce carbon emissions.

 

The Saudi Arabian Mining Company (Maaden) will receive support to accelerate the completion of its project, “Phosphate 3”, in the Waad Al-Shamal area, which will help support global food security.

 

In the petrochemical sector, SABIC obtained support for the catalyst industry project, which is the first center for the manufacture of catalysts in the Kingdom.

 

With the “Advanced Petrochemical Company”, “Shareek” provided support for the production of liquid methionine and ammonium sulfate, with the aim of contributing to enhancing food security in the Kingdom.

 

In the telecommunications sector, STC Group, with the support of the program, intends to implement a submarine cable project.

 

In the transport and logistics sector, the Saudi Bahri Company intends to provide ammonia transport services for the first time in the Kingdom.