His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, inaugurated a program to strengthen partnership with the private sector for local companies, with the aim of developing the partnership between the government and the private sectors, and accelerating the achievement of the strategic objectives of increasing flexibility Economy and support sustainable growth and prosperity.

His Highness the Crown Prince, during the inauguration of the "Shrek" program, during a hypothetical meeting chaired by His Highness in the presence of a number of ministers, along with business leaders and heads of major companies in the Kingdom, stressed on Tuesday evening that building a vibrant and prosperous private sector is one of the Kingdom's national priorities, given the importance and vital role it represents. As a major partner in the prosperity and development of the Kingdom's economy, to continue to perform its supportive tasks, to achieve the national aspirations set by Vision 2030.

His Highness said: “While building a vibrant and prosperous private sector is one of the national priorities for the Kingdom, we are today inaugurating a new and stronger era in terms of cooperation and partnership between the government and the private sectors, by announcing a program to strengthen partnership with the private sector (partner), with the aim of supporting local companies. Enabling them to reach a volume of local investments of up to five trillion riyals by the end of 2030. "

His Highness added: "The Kingdom will witness a leap in investments in the coming years, by three trillion riyals, to be 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 pumped under the umbrella of the National Investment Strategy, and its details will be announced. Soon. Thus, the total investment that will be pumped into the national economy is 12 trillion riyals until 2030, and 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, bringing the total What will be spent in the Kingdom of Saudi Arabia 27 trillion riyals (7 trillion dollars), during the next ten years. "

His Royal Highness, the Crown Prince, stated that the investments that the private sector will pump supported by the "partner" program will provide hundreds of thousands of new jobs, and the contribution of the private sector to the GDP will increase, in order to achieve the goal set for it within the goals of the Kingdom's vision, which seeks to raise Contribution of this sector to 65% by 2030.

His Highness pointed out, "The importance of the partner program is not limited to enhancing the role of the private sector in the sustainable growth of the national economy, but we see it as a long-term investment in the Kingdom's future and prosperity, based on the participatory relationship between the public and private sectors."

The new program, called "partner", comes within the framework of tireless and continuous work to achieve the economic goals of the Kingdom's Vision 2030 and support the creation of hundreds of thousands of new jobs.

The innovative participatory program also aims to help private sector companies achieve their investment goals, accelerate the injection of investments worth about five trillion riyals into the local economy until 2030, and increase the pace of the Kingdom's GDP growth, thus contributing to the continued progress of the Saudi economy among the largest economies. Global, from the eighteenth position currently to the fifteenth, in addition to enhancing confidence in the investment system in the Kingdom.

The program to strengthen the partnership with the private sector "partner" has been designed to be an essential part of the economic growth plan and the national strategy for investment in the Kingdom, the details of which will be announced later, under the direct supervision of His Royal Highness the Crown Prince, in addition to a committee that includes senior officials from the ministers And heads of relevant bodies.

And it identified a set of enabling tools across multiple domains to support companies' businesses, so that large companies can benefit from them to increase the volume of their local investments.

Benefiting from the program will be optional, with evaluation criteria clearly specifying the eligible projects, as the program has a framework and clear directives for major companies in terms of qualification to receive support, and major companies will work to develop specialized investment plans with the relevant ministry, which will provide the required support in order to accelerate the process. Transforming these plans into reality, and the program will be managed in accordance with the relevant directives approved by the World Trade Organization and other relevant domestic and international regulations and policies.

The program will increase the flexibility and competitiveness of major Saudi companies at the regional and global levels, and stimulate and help them recover from the effects of the (Covid 19) pandemic.

The launch of the program soon also reinforces the Kingdom's position as a business-enabling country and its supportive environment, through proactive, innovative, smart and unique steps in the region.

It is expected that the first Memorandum of Understanding between the major companies and the "partner" program will be signed next June.