Saudi Arabia invests $51 billion in first wave of Shareek diversification
The Shareek investment and diversification strategy is set to create more than 64,000 jobs by 2040.
Saudi Arabia launched $51.2 billion of investments guided by local companies including Saudi Aramco, SABIC and Ma’aden, amongst others, in a signing ceremony on Wednesday.
The event was held to announce the first wave of projects across eight companies supported by the Shareek program, which is dedicated to large companies and seeks to unlock the full potential of Saudi Arabia’s private sector, according to the country’s government news agency SPA.
The program was first established in 2021 by Saudi Crown Prince Mohammed bin Salman (MBS) as part of the kingdom’s Vision 2030, which now has a total of 28 companies enrolled.
About $32 billion will be spent by the end of 2030 by large companies, with the goal of adding $124.50 billion to Saudi Arabia’s gross domestic product by 2040 and more than 64,000 local jobs.
