Saudi: Shareek Center to promote $1.33trln private investments and create over 100,000 jobs by 2030

Saudi: Shareek Center to promote $1.33trln private investments and create over 100,000 jobs by 2030

RIYADH — The newly created Private Sector Partnership Reinforcement Program (Shareek) Center is aimed to promote domestic private sector investments to reach SR5 trillion, and supports the creation of more than 100,000 job opportunities and the promotion of local content by 2030.

The Saudi Council of Ministers on Tuesday approved the transformation of the Private Sector Partnership Reinforcement Program (Shareek) into a center named “the Private Sector Partnership Reinforcement Center (Shareek). The Cabinet also endorsed the center’s organizational arrangements.

While addressing the ceremony of announcing the first wave of projects supported by the Private Sector Partnership Reinforcement (Shareek) Program, Abdulaziz Al-Arifi, CEO of Shareek Program, said that the number of companies enrolled in the first wave of the program has now reached 28 companies. “There are eight major companies within the first wave of the program and these companies are working on 12 projects at a cost of SR192 billion,” he said adding that the list of the eight companies included Saudi Aramco, Ma’aden, ACWA Power, Saudi Telecom Co., Zain, Bahri, Saudi Advanced Industries Company, and SABIC.

Speaking on the occasion, Amin Al-Nasser, CEO of Saudi Aramco, said that the company has five projects with international companies including Total and Google within the