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Monday, April 15, 2024

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Saudi Arabia announces first wave of projects under Shareek program worth SAR192.4 billion (US$51.24 billion) in investments

SAUDI ARABIA: The Saudi government has signed framework agreements for 12 projects across eight companies worth a total of SAR192.4 billion (US$51.24 billion) in investments as part of the first wave of projects supported by the Shareek program, the Kingdom’s dedicated program for large companies, designed to help unlock the full potential of Saudi Arabia’s private sector, and contribute to achieving the national targets defined by Vision 2030, a press release read.  

Of the amount, SAR120.23 billion (US$32.02 billion) will be spent by large companies by the end of 2030, to achieve more than SAR466.83 billion (US$124.31 billion) in GDP growth by 2040 and create 64,451 local jobs. 

To date, 28 companies are enrolled in the Shareek program, which was first launched on the 30th March 2021. 

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