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Thursday, Apr 18, 2024

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.


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