Saudi Crown Prince launches program to strengthen partnership with private sector

Saudi Arabia’s Crown Prince Mohammed bin Salman announced Tuesday the launch of a new program to strengthen the partnership with the private sector in the Kingdom.

The prince announced the “Sharik” prohra, during a virtual meeting attended by a number of ministers and heads of major companies and businesses in the Kingdom.

He stressed the importance of the role of the private sector in building a “vibrant and prosperous” economy in Saudi Arabia, and urged the private sector to continue to play a supporting role in achieving the national goals set out in the Kingdom’s Vision 2030 plan.

“The Kingdom will witness a leap in investments in the coming years, by three trillion riyals ($800 million), pumped by the Public Investment Fund until 2030, as announced at the beginning of this year, in addition to four trillion riyals that will be injected under the umbrella of the National Investment Strategy, and its details will be announced soon,” he said.

“The total investment that will be pumped into the national economy is 12 trillion riyals until 2030. This does not include government spending estimated at 10 trillion riyals over the next ten years, and private consumption spending expected to reach 5 trillion riyals until 2030, so the total of what will be 27 trillion riyals ($7 trillion) will be spent in the Kingdom of Saudi Arabia over the next ten years,” the prince added.