HRH Crown Prince inaugurates ‘Shareek’ program to boost private sector

Crown Prince Muhammad Bin Suleman has inaugurated a program titled “Shareek” with new investments amounting to SR 12 trillion, to boost the role of strengthen the partnership with the private sector for local companies in Saudi Arabia.

The program, which will continue until 2030, and targets domestic companies, aims to boost the resilience of the national economy and support sustainable growth and prosperity.

The program is expected to contribute to the continued progress of the Saudi economy’s ranking among the largest global economies, with the goal of rising to 15th from its current position of 18th, alongside enhancing confidence in the Kingdom’s investment ecosystem.

Companies that qualify for participation in “Shareek” program will work closely with the relevant government ministries to create tailored investment plans, which will then be fast-tracked to completion. Each project will be monitored to ensure it provided benefits in GDP contribution and job creation.

The program will operate under the relevant approved guidelines from the World Trade Organization (WTO), and in accordance with other relevant domestic and international regulations and policies.

It will maximize the resilience and competitiveness of large Saudi companies, both regionally and globally. It will also work as a stimulus for those who will receive support to recover from the impact of the COVID-19 pandemic.