In the presence of His Highness the Crown Prince.. “Shreek” announces the first package of supported projects for eight companies, with a value of 192.4 billion Saudi riyals in four vital sectors

In the presence of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Major Companies Investments Committee (Shreek) – may God protect him -, the ceremony was held today to announce the first package of major companies’ projects (Shareek) joining the Partnership Enhancement Program. With the private sector “Sharik”, which is specially designed to support major Saudi companies (Sharek) to enable higher growth of the private sector, thus contributing to achieving the national aspirations set by the Kingdom’s Vision 2030.
His Highness the Crown Prince launched the program on March 30, 2021, and he – may God protect him – supervises its implementation through his chairmanship of the Investment Committee of Major Companies (Shreek). The number of companies included in the program is currently 28 companies from the private sector in the Kingdom.
The ceremony, which was held in the presence of a number of Their Highnesses, Excellencies and senior government officials, in addition to chairmen of the boards of directors and CEOs of a number of major Saudi private sector companies (Sharek) and affiliated to the “Sharek” program, witnessed the signing of a number of framework agreements and agreements for (12) projects. It will be implemented by eight companies, in a number of strategic and vital sectors. These projects contribute to enhancing the Kingdom’s economic growth, localizing industries, stimulating innovation and enhancing the level of partnership between the government and private sectors.
The “Shreek” program helps companies that meet the qualification criteria to increase the volume of their investments, accelerate the pace of implementing their projects, and explore new investment opportunities by providing them with government support.
In his speech during the ceremony, His Excellency the CEO of the “Shreek” program, Abdulaziz Al-Arifi, stated that the Kingdom’s Vision 2030, led by His Royal Highness the Crown Prince, contributed to making the Kingdom a leading destination for investment and growth through the methodology of expanding partnership with the private sector, which is a pillar of development and access to a sustainable economy. He added that the “Shreek” program has become a major choice for major private sector companies, as the program enabled 12 private sector projects in four vital sectors.
His Excellency pointed out that the total value of the projects announced during the ceremony amounts to about 192 billion riyals, and the share of the investments of major companies (Sharek) represents about 120 billion riyals, and its impact on the Kingdom’s GDP amounts to 466 billion riyals over the next two decades, with an estimated economic multiplier. with more than (2.43) times, and it bears high strategic and economic importance for the Kingdom.
His Excellency Al-Arifi added that these projects enhance the growth of 8 national companies and contribute to raising their competitive capabilities at the international level. Projects have one of the main criteria WFP considers when providing enablers.
The first package of supported projects will have an economic and strategic impact on a number of economic sectors in the Kingdom, in addition to providing 64,451 thousand new job opportunities. The signing ceremony included:
Approval of providing support for five projects of “Saudi Aramco” to accelerate the pace of their implementation, which would contribute to the creation of more than ten thousand jobs:
A joint venture to establish an iron sheet factory, which aims to achieve self-sufficiency for the Queen in terms of meeting the demand for iron sheets by 2030.
Cloud computing services project that will bring Google cloud services to the Kingdom and establish its position as a leading center for advanced cloud computing technologies
A joint venture for the manufacture of ship engines will contribute to the development of a sustainable marine industries sector and create more value in the metal and machinery manufacturing sectors that play a key role in diversifying industrial development efforts.
A joint project for casting and forming metals in Ras Al-Khair, which will enhance the integration of industrial supply chains in the Kingdom.
The Amiral Petrochemical Complex project, which contributes to the localization of the production of new chemicals with the aim of strengthening the Kingdom’s global leadership in the field of petrochemical industries.
In the energy sector as well, ACWA Power will receive support to establish the world’s largest green hydrogen production plant, which is being developed in partnership with NEOM Green Hydrogen and Air Products Qudra. This project highlights the Kingdom’s enormous potential as a leading country in the field of green energy, and supports its efforts to reduce carbon emissions.
For its part, the Saudi Arabian Mining Company (Maaden) will receive support from the program to accelerate the completion of its “Phosphate 3” project in the Waad Al-Shamal region, which is expected to contribute to strengthening the company’s position as the third largest producer of phosphate fertilizers globally by 2029, and to consolidate the leadership of the Kingdom of Saudi Arabia. Saudi Arabia is part of the global value chain of the agricultural sector, which helps support global food security.
In the petrochemical sector:
SABIC obtained program support for the catalyst industry project, with the aim of reducing dependence on imports and promoting exports by establishing the first catalyst manufacturing center in the Kingdom.
Through a joint venture of the Advanced Petrochemical Company, Shrek provided support for the production of liquid methionine and ammonium sulfate, which would contribute to enhancing food security in the Kingdom and raising the efficiency of animal production. The project will also contribute to providing 21,000 new job opportunities in the Kingdom. In the communications sector:
With the support of a partner program, stc Group intends to implement a submarine cable project in a strategic move that will enhance the Kingdom’s position as a digital hub and reliable destination for data traffic in the Middle East and North Africa region.
The program also supported the Mobile Communications Group “Zain” to implement a project to establish digital data centers, with the aim of contributing to transforming the Kingdom’s economy into a leading digital economy by enhancing its readiness and ability to keep pace with the latest developments in the information technology sector in the future.
On the other hand, in the transportation and logistics sector, the leading Saudi company in the field of logistics services, Bahri, intends to increase its capacity for transporting ammonia gas through the implementation of a strategic project that was supported through a “sharek”. The project aims to provide ammonia transportation services for the first time in the Kingdom, thus reducing dependence on foreign tankers by enhancing local content in the logistics services sector.
It is noteworthy that the “Shreek” program was designed with the aim of contributing to achieving the goals of the Kingdom’s Vision 2030 represented in raising the private sector’s contribution to the Kingdom’s gross domestic product to 65% and increasing the proportion of non-oil exports from 16% to 50%. The program also aims to increase the development of private sector investments to reach 5 trillion riyals by 2030. The program is implemented with the support of several supervisory committees specialized in a number of sectors. The projects announced at the ceremony represent the first package of supported projects, as it is expected that many projects that will be supported will follow during the coming period and will be announced in due course.