Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 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
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×