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Saudi Crown Prince initiates to boost private sectors

Saudi Crown Prince Muhammad Bin Salman, Saudi Arabia, Public Investment Fund  

Economy

Saudi Crown Prince initiates to boost private sectors

Saudi Crown Prince Muhammad Bin Salman launched on Tuesday an ambitious and vibrant program for the private sector titled “Shareek” (Partner) with new investments amounting to SR12 trillion ($3.2 trillion).

He said that the program, which will continue until 2030, aims to consolidate the Kingdom’s reputation as a sustainable, ambitious, and thriving global economic powerhouse.

The Crown Prince unveiled the program during a virtual meeting held chaired by him and attended by a number of ministers, senior businessmen, and heads of large companies in the Kingdom.

The “Partner” program, which aims to stimulate the sustainable growth of the national economy, will strengthen the private sector partnership and enhance Saudi companies’ contribution to the sustainable growth of the national economy, he said.

Under the new program, private sector companies will be helped to invest SR5 trillion until 2030.

The Crown Prince said that the Kingdom would witness a giant leap in investments over the coming years, of which an amount of SR3 trillion will be pumped by the Public Investment Fund until 2030, as announced at the beginning of this year.

“This is in addition to SR4 trillion that will be provided under the umbrella of the National Investment Strategy of which the details will be announced soon,” he said, adding that thus the total investment that will be pumped into the national economy would reach SR12 trillion by 2030. The Crown Prince explained that this does not include the government spending estimated at SR10 trillion during the coming 10 years, and private consumption spending expected to reach SR5 trillion until 2030, bringing the total spending to SR27 trillion ($7 trillion) over the coming 10 years.

“The new 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 percent by the end of the decade as part of the goals of Vision 2030,” the Crown Prince added.

He noted: “The importance of the ‘Partner’ program is not limited to enhancing the private sector’s role in the sustainable growth of the national economy. We see it as a long-term investment in the Kingdom’s future and prosperity, based on stronger collaboration between the public and private sectors.”

The program will 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.

It has been structured to be an integral part of the country’s national investment strategy and economic growth plan. Details will be released soon and will be directly supervised by the Crown Prince alongside a committee of ministers and senior government officials from the relevant entities.

The “Partner” 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.

The inception of the new program positions Saudi Arabia as an enabler of business and a supportive environment for investment, through proactive, innovative, and forward-looking measures.

The first Memorandums of Understanding between large companies and the new program are expected to be signed, starting in June.

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