The first wave of projects supported by the Shareek program, the Kingdom’s dedicated program for large companies, has seen the signing of framework agreements for 12 projects that have been approved across eight companies, in a number of strategic sectors. Designed to help unlock the full potential of Saudi Arabia’s private sector, and contribute to achieving the national targets defined by Vision 2030, the program takes in investments worth SAR 192.4 billion, of which SAR 120.23 billion will be spent by large companies by the end of 2030.
These projects will help the Kingdom’s economy flourish through various industries, encouraging innovation and expanding public-private partnerships, assisting eligible enterprises in accelerating planned projects and identifying new possible collaborations and investment opportunities.
The Shareek program has been a popular choice for large private sector organizations, as proven by the 12 initiatives it has enabled across four industries. The SAR 120 billion to be spent by large companies by the end of 2030 is estimated to result in GDP growth of more than SAR 466 billion by 2040.
Shareek will assist Advanced Petrochemical Company in producing methionine through a joint venture
The 12 Chosen Projects
The announcement includes Aramco getting support to accelerate the development of five projects that will create over 10,000 jobs, including a joint venture steel plate manufacturing project that aims to make Saudi Arabia 100% self-sufficient in steel plate demand by 2030.
Meanwhile, a cloud project will bring Google Cloud services to the Kingdom and position Saudi Arabia as a leader in innovative cloud computing technology.
A further project to manufacture engines that will contribute to the development of a sustainable maritime industry and unlock higher value from the metals and machinery sectors, which are critical to diversified industrial development, has also been announced, in addition to a casting and forging project in Ras Al Khair that will improve the integration of the Kingdom’s industrial supply chains.
The Amiral Petrochemical Complex project has also now been given the green light, which will contribute to the localization of chemical production, with the aim to strengthen the Kingdom’s global leadership in the petrochemical industry.
Also in the energy sector, ACWA Power will receive Shareek funding to build the world’s largest green hydrogen plant, which will be created in collaboration with NEOM Green Hydrogen Company and Air Products Qudra. In support of the Kingdom’s net zero aspirations, the project highlights Saudi Arabia’s potential as a green energy pioneer.
Saudi Arabian Mining Company (Ma’aden) will receive support to fast-track its Phosphate 3 project in Wa’ad Al Shamal, which is expected to position the company as the world’s third-largest producer of phosphate fertilizers by 2029 and strengthen the Kingdom’s position in the world’s agricultural value chain, thereby assisting global food security.
Within the Kingdom’s petrochemicals sector, industry leader SABIC has obtained financing for a catalyst project aimed at reducing Saudi Arabia’s reliance on imports and strengthening its export position by developing KSA’s first catalyst manufacturing cluster.
“The importance of the Shareek program is not just limited to enhancing the role of the private sector in sustaining the growth of our national economy. We see it as a long-term investment in the future and prosperity of the Kingdom that is based on a powerful spirit of collaboration and partnership between the public and private sectors”
H.R.H. Crown Prince, Mohammed bin Salman bin Abdulaziz, The Crown Prince, Prime Minister
Shareek will assist Advanced Petrochemical Company in producing methionine through a joint venture, which will contribute to boosting food security in the Kingdom and increasing food security efficiency.
stc will construct an EMC cable project in the developing telecommunications industry, enhancing the Kingdom’s position as a MENA region digital hub and dependable route for data traffic. In addition, Zain Saudi Arabia will expedite a data center project that will aid in the Kingdom’s transformation into a digital economy by assuring readiness for future IT breakthroughs.
Saudi Arabian Mining Company (Ma’aden) will receive support to fast-track its Phosphate 3 project
Bahri, the Saudi logistics giant, will increase its capacity for ammonia transportation through a project supported by Shareek, which will provide ammonia transport services for the first time in the Kingdom, reducing reliance on international vessels and ramping up content in the logistics sector.
Shareek seeks to unlock SAR 5 trillion in domestic private sector investments by 2030, contributing to Vision 2030’s targets of increasing private sector GDP contribution to 65% and non-oil exports from 16% to 50%.
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