Saudi crown prince launches program to strengthen private sector partnership

Riyadh: Saudi Arabia crown prince Muhammad Bin Salman on Tuesday launched the “Shareek” (Partner) program to promote partnership with the private sectors in the Kingdom.

According to the Saudi Press Agency (SPA), the program, which targets domestic companies, aims to promote the resilience of the national economy and support sustainable development and prosperity.

The crown prince predicts that the program will create thousands of new jobs and increase private sector participation in GDP by 65 per cent by the end of the decade.

The program will offer a total investment of 5 trillion Saudi riyals (1.32 trillion U.S. dollars) locally by the end of 2030.

In addition to this program, 3 trillion riyals will be injected by 2030 by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. In addition, 4 trillion riyals will be invested through the national investment strategy.

The program will raise the global ranking of Saudi Arabia’s economy from the current 18th to 15th, according to SPA.

The program is expected to increase the flexibility and competitiveness of major Saudi companies at the regional and global levels, stimulate them, and help them recover from the effects of the COVID-19 pandemic.

 The first memorandum of understanding between major companies and the “Shareek” program is expected to be signed starting June.

The Shareek program is part of a many programs launched by Saudi Arabia in recent years to diversify its economy and reduce its dependence on oil revenues.