Saudi Arabia Bolsters Private Sector Partnership to Achieve Economic Sustainability

Saudi Arabia Bolsters Private Sector Partnership to Achieve Economic Sustainability

The Saudi Council of Ministers approved the transformation of the Private Sector Partnership Reinforcement Program (Shareek) into a center named “the Private Sector Partnership Reinforcement Center (Shareek).”

Experts told Asharq Al-Awsat that the measure confirms the Saudi government’s seriousness in modifying the path of partnership with the private sector to achieve economic sustainability.

Shareek aims to increase domestic investments of private sector companies (listed and non-listed companies) to reach SAR 5 ($1.3 billion) trillion by 2030 through the support and unlocking of Government-approved incentives.

The decision to transform Shareek into a center, under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammad bin Salman bin Abdulaziz, reflects the government’s interest in the local private sector and keenness to support and increase its contribution to the national economy, the head of the Federation of Saudi Chambers (FSC) Hassan Al-Huwaizi told Asharq Al-Awsat.

Al-Huwaizi added that the center will have a positive effect on advancing the program’s goals.

The FSC head stressed that the center ushers in a new formula and stage in the partnership between the public and private sectors, in line with the directions and objectives of “Vision 2030.”

The newly created Shareek Center supports the creation of more than 100,000 job opportunities and