Saudi Press

Saudi Arabia and the world
Thursday, Apr 18, 2024

Saudi rulers agree framework for multibillion dollar projects in Shareek program

Saudi rulers agree framework for multibillion dollar projects in Shareek program

The first series of projects implemented as part of Saudi Arabia’s Shareek program were launched on Wednesday.

Framework agreements for 12 projects worth a total of SR192.4 billion ($51.3 billion) in investments were signed during a ceremony held in the presence of Crown Prince Mohammed bin Salman, along with senior government ministers and business leaders.

So far, 28 companies have enrolled in Shareek, which was launched in 2021 by the crown prince in his capacity as chairman of the Large Corporate Investments Committee. The program aims to strengthen partnerships between the public and private sectors and increase the contribution made by large businesses to economic sustainability, in line with the objectives of Saudi Vision 2030.

The 12 projects, which involve eight companies in four industries, were approved under the Shareek incentives criteria. By the end of 2030, the companies will spend SR120.23 billion with the aim of stimulating more than SR466.83 billion in gross domestic product growth by 2040 and creating 64,451 jobs.

Aramco will receive support to advance the development of five of the 12 projects. The first is a manufacturing joint venture that aims to make Saudi Arabia entirely self-sufficient the supply of steel plates by 2030.

Crown Prince Mohammed bin Salman.


The second will bring Google Cloud services to Saudi Arabia and work to establish the country as a hub for advanced cloud-computing technologies.

The Shareek program will also support an Aramco engine-manufacturing project that aims to help develop a sustainable maritime sector and enhance the value of the metals and machinery sectors.

A casting and forging project in Ras Al-Khair aims to help improve the integration of the Kingdom's industrial supply chains, and Aramco will also receive assistance for the launch of the Amiral petrochemical complex project, which will contribute to the localization of chemical production.

ACWA Power, meanwhile, will receive assistance from Shareek for construction of the world’s largest green hydrogen plant, in keeping with the Kingdom’s net-zero emissions ambitions.

Ma’aden, the Saudi Arabian Mining Company, will be supported in the launch its Phosphate 3 project in Wa’ad Al-Shamal. The project is expected to position the company as the world’s third-largest producer of phosphate fertilizers by 2029, and improve the Kingdom’s position in the global agricultural value chain, thereby boosting global food security.

In the petrochemicals sector, Saudi Basic Industries Corporation will receive support for a project to develop the Kingdom’s first catalyst-manufacturing hub. It aims to reduce the country’s reliance on imports and strengthen its export position.

Shareek will also provide assistance to the Advanced Petrochemical Company in the production of methionine. The venture is expected to improve domestic food security.

In the telecoms industry, the Saudi Telecommunication Company will launch an electromagnetic compatibility, or EMC, cable project, which will help to boost Saudi Arabia’s position as a digital hub and reliable route for data traffic in the Middle East and North Africa region.

Zain Saudi Arabia will also accelerate a data-center project that will support the Kingdom’s efforts to develop its digital economy.

Saudi logistics giant Bahri will increase its capacity for ammonia transportation through a project, supported by Shareek, that will for the first time provide ammonia-transportation services in the Kingdom, reducing the reliance on international vessels and boosting the local logistics sector.

Speaking during the ceremony, Abdulaziz Al-Arifi, the CEO of the Shareek program, said the projects will help the eight companies to grow, contribute to their international competitiveness, and have a strong ripple effect across entire value chains.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×