Saudi Press

Saudi Arabia and the world
Monday, Oct 06, 2025

Saudi Arabia to invest $51 bln to create jobs, boost private sector GDP

Saudi Arabia to invest $51 bln to create jobs, boost private sector GDP

Saudi Arabia announced an investment of $51 billion (SAR 120 billion) across eight companies as part of the Shareek program.

The announcement was made in an event attended by Saudi Crown Prince Mohammed bin Salman, the Saudi Press Agency (SPA) reported on Wednesday.

The Crown Prince launched the Shareek program on March 30, 2021, to support large companies in helping the Kingdom’s economy achieve a target GDP growth by 2030.

Mohammed bin Salman oversees the program’s implementation as the Chairman of the Large Companies Investment Committee; 28 companies are enrolled.

Shareek seeks to unlock $1.3 trillion (SAR 5 trillion) in the national private sector investments in line with Vision 2030, which targets an increase in private sector GDP contribution to 65 percent and an increase in non-oil exports from 16 percent to 50 percent.

The program also helps eligible companies accelerate planned projects and identify new partnerships and investment opportunities with the Saudi government’s support.

Twelve projects within the eight companies received funding after the signing of framework agreements, SPA reported.

The $51 billion amount is expected to be spent by the companies by 2030 to achieve over $124 billion (SAR 466.83 billion) in GDP growth by 2040 and create over 64,000 local jobs.

Saudi Arabia's Crown Prince Mohammed bin Salman at the Shareek program signing ceremony.


The signing ceremony included the announcement of strategic projects as follows:

Saudi Aramco will receive support to accelerate the implementation of five projects expected to create more than ten thousand jobs, including a joint venture steel plate manufacturing project. This project intends to make Saudi Arabia 100 percent self-sufficient for steel plate demand by 2030.

A cloud project has been planned to attract Google Cloud services into the Kingdom. It will seek to establish Saudi Arabia as a hub for advanced cloud computing technologies.

An engine manufacturing project will aid in developing a sustainable maritime sector and unlock greater value from the metals and machinery sectors, which are central to diversified industrial development.

A casting and forging project in Ras Al Khair will aim to enhance the integration of industrial supply chains in the Kingdom.

The Amiral Petrochemical Complex project will receive funds directly contributing to the localization of chemicals production, SPA reported.

ACWA Power will receive the funds to construct the world’s largest green hydrogen plant, which is being developed in partnership with NEOM Green Hydrogen Company and Air Products Qudra. It ties in with Saudi Arabia’s vision to become a green energy leader and supports the Kingdom’s net zero ambitions.

Saudi Arabian Mining Company (Ma’aden) will receive funds to accelerate its Phosphate 3 project in Wa’ad Al Shamal. It is set to position the company as the third-largest global producer of phosphate fertilizers by 2029. This project hopes to enhance the Kingdom’s position in the world’s agricultural value chain, aiding global food security.

Similarly, through a joint venture, Shareek will support Advanced Petrochemical Company to produce methionine, contributing to domestic food security and animal production efficiency.

Industry leader SABIC will receive funds for a catalyst project, SPA reported, aimed at reducing Saudi Arabia’s import dependency and strengthening its position as an exporter by establishing the Kingdom’s first catalyst manufacturing hub.

Saudi telecom giant stc will implement an EMC cable project, strengthening Saudi Arabia’s position as a MENA region digital hub and reliable route for data traffic after receiving funding.

Another telecom provider, Zain, will be accelerating a data center project, SPA said.

Saudi logistics company Bahri will scale up its capacity for ammonia transportation, marking a Saudi first. It will reduce international vessel dependency and strengthen the logistics sector.

More companies and projects will be supported by the Shareek program and announced soon.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Syria Holds First Elections Since Fall of Assad
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
×