Saudi Arabia Invests $51 Billion in Eight Companies as part of Shareek Program for Economic Growth

Saudi Arabia announced a $51 Billion investment. This investment is only in 8 companies and is a part of vision 2030.

Vision 2030 is the Saudi crown prince Muhammad Bin Salman’s way of moving the country from being over-reliant on the oil industry. The Shareek program is a significant part of the vision. $51 Bil is only the first of many investments to be made.

The hark program aims to increase Saudi Arabia’s GDP to 15th worldwide; the country currently sits at 18th. The program aims to create thousands of job opportunities and increase the private sector's GDP contribution by 65% by the decade's end.

The eight companies that are now supported by this $51 billion investment are:

1. 
   

   Aramco

   
   


2. 
   

   Sabic

   
   


3. 
   

   Ma’aden

   
   


4. 
   

   Bahri

   
   


5. 
   

   Advanced

   
   


6. 
   

   Aqwa Power

   
   


7. 
   

   Zain

   
   


8. 
   

   STC

   
   

To boost economic growth, the Shareek program will enable the government to collaborate with large private companies. The program will help encourage large companies’ local investment. This will benefit the entire Saudi economic ecosystem. These investments will naturally help small and medium-sized businesses as well. All this will contribute to the Saudi goal of increased GDP.

The signing ceremony included announcing strategic projects in various sectors, including steel plate manufacturing, cloud computing, sustainable maritime sector, green hydrogen plant, phosphate fertilizers, and catalyst manufacturing hub. The Shareek program in the future will support more companies and projects.

“The importance of the Shareek program is not just limited to enhancing the role of the private sector in sustaining the growth of our national economy. We see it as a long-term investment in the future and prosperity of the Kingdom that is based on a powerful spirit of collaboration and partnership between the public and private sectors” – Crown Prince Muhammad Bin Salman.

The investment is a step in the right direction in making Vision 2030 a reality. This investment will surely provide jobs and economic growth in the short term. However, the program's success is still not guaranteed as it will require very effective usage of the investments and the ability of the invested companies to achieve their targets.

Tags: Saudi Arabia Economy GDP Jobs Local businesses

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