‘Shareek’ enables major national firms to expand investments by 50%: Commerce Minister

Minister of Commerce Majid Al-Qasabi

The ‘Shareek’ program, launched recently by Crown Prince Mohammed bin Salman, enables the mega national companies to expand their investments by 50%, develop investment capabilities and boost competitiveness regionally and globally, Asharq Al-Awsat reported, citing Saudi Minister of Commerce Majid Al-Qasabi.

Al-Qasabi indicated that giant companies’ access to global markets is deemed one of the program’s main targets.

“The program is not binding to companies; it is optional. However, certain criteria will be mapped out to determine the projects entitled to benefit from the Saudi program,” the minister noted.

Major companies will lay out investment plans, where the competent ministries will offer the required support to help implement these plans, the minister stated.

The Kingdom is working to empower and support the private sector, accelerate its growth, and create great investment opportunities. Meetings are being held weekly with more than 50 state-owned entities in coordination with the private sector to help eliminate the related challenges.

In March, Crown Prince Mohammed bin Salman launched 'Shareek' program to strengthen the partnership with the private sector. 'Shareek' is an innovative and collaborative program that aims to help private sector companies achieve their investment goals, accelerate the unlocking of investments worth about SAR 5 trillion to the local economy by 2030, and fast-track the growth of the Kingdom's GDP.