Aramco, ACWA Power, SABIC, Ma’aden projects to receive support from Saudi’s Shareek programme

Aramco, ACWA Power, SABIC, Ma’aden projects to receive support from Saudi’s Shareek programme

Prince Mohammed bin Salman bin Abdulaziz, Saudi Arabia’s Crown Prince and Prime Minister, and chairman of the Large Companies Investment Committee, has announced the first wave of projects to receive support from the Shareek programme. The kingdom’s dedicated initiative for large companies was launched to help tap the full potential of Saudi Arabia’s private sector, and contribute to achieving the national targets defined by Vision 2030. The programme was launched on March 30 2021. To date, 28 companies are enrolled in the Shareek programme. Framework agreements were signed for 12 projects that have been approved within the Shareek incentives criteria, across eight companies, in a number of strategic sectors. These projects will contribute to the kingdom’s economic growth, diversify industries, promote innovation, and further enable public-private partnerships. The programme is helping eligible companies accelerate planned projects and identify new potential partnerships and investment opportunities through government support. The first wave of supported projects will have strategic impact on several economic sectors in the kingdom, encompassing investments worth SAR192.4bn. SAR120.23bn will be spent by large companies by the end of 2030, to achieve more than SAR466.83bn in GDP growth by 2040 and create 64,451 local jobs. Abdulaziz Al-Arifi, CEO of Shareek