RIYADH, Mar 31 (NNN-SPA) – Crown Prince of Saudi Arabia, Mohammed bin Salman bin Abdulaziz, launched yesterday, the Shareek (Partner) programme, to promote partnership with the private sector in the kingdom.
The programme, which targets domestic companies, aims to boost resilience of the national economy and support sustainable growth and prosperity.
The crown prince predicted that, the programme will create thousands of new jobs and raise contribution of the private sector to GDP by up to 65 percent by the end of the decade.
The programme will offer a total investment of five trillion Saudi riyals (1.33 trillion U.S. dollars) locally, by the end of 2030.
Besides the programme, three trillion riyals will be injected by Public Investment Fund, the sovereign wealth fund of Saudi Arabia, by 2030, as announced earlier this year. In addition, four trillion riyals will be invested by the National Investment Strategy.
The programme is expected to raise the global ranking of the Saudi Arabian economy to the 15th from the current 18th.
The first Memorandums of Understanding between large companies and the Shareek programme are expected to be signed starting June.
The Shareek programme is part of many launched by Saudi Arabia in recent years, to diversify its economy and reduce its dependence on oil revenues.
