Building a vibrant and prosperous private sector is one of the Kingdom's national priorities

Partner is a program adopted to be a key part of the Kingdom's economic growth plan

His Royal Highness Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, revealed that the total investment that will be pumped by the Public Investment Fund in the national economy is 12 trillion riyals until 2030, noting that this financial flow does not include government spending estimated at 10 trillion riyals during the next ten years, and private consumer spending expected to reach 5 trillion riyals until 2030, bringing the total amount to be spent in Saudi Arabia 27 trillion riyals, during the next ten years."

Building a vibrant and prosperous private sector

His Highness the Crown Prince, while launching the program to enhance partnership with the private sector ”Shrek" during a virtual meeting chaired by His Highness in the presence of a number of Their Excellencies ministers, as well as senior businessmen and heads of major companies in the Kingdom, stressed that building a vibrant and prosperous private sector is one of the national priorities for the Kingdom, given its importance and vital role as a key partner in the prosperity and development of the Kingdom's economy to continue performing its supporting tasks to achieve the national ambitions set by Vision 2030.

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"While building a vibrant and prosperous private sector is a national priority for the Kingdom, today we are launching a new era of stronger cooperation and partnership between the public and private sectors by announcing the Program to Enhance Partnership with the Private Sector (Sharik), which aims to support local companies and enable them to reach a local investment volume of up to five trillion riyals by 2030.”

His Highness said: "As building a vibrant and prosperous private sector is a national priority for the Kingdom, we are launching a new, stronger era in terms of cooperation and partnership between the public and private sectors.

Trillion investment leaps

His Highness added: "In the coming years, the Kingdom will witness a leap in investments, with three trillion riyals to be pumped by the Public Investment Fund until 2030, as announced earlier this year, in addition to four trillion riyals to be pumped under the National Investment Strategy, the details of which will be announced soon."

His Highness added: ”The Kingdom will witness a leap in investments in the coming years.

His Royal Highness the Crown Prince explained that the investments to be pumped by the private sector supported by the “Shrek” program will create hundreds of thousands of new jobs and increase the contribution of the private sector to the GDP, in order to achieve the target set for it within the objectives of the Kingdom's vision, which seeks to raise the contribution of this sector to 65% by 2030.

Hundreds of thousands of new jobs

His Royal Highness the Crown Prince added that the investments made by the private sector supported by the “Shrek” program will create hundreds of thousands of new jobs and increase the contribution of the private sector to the GDP, in order to achieve the target set for it within the objectives of the Saudi Vision, which seeks to raise the contribution of this sector to 65% by 2030.

His Highness pointed out that “the importance of the Shrek 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 future of the Kingdom and its prosperity, based on the partnership between the public and private sectors.”

Pivotal Objectives of the Shrek Program

"The importance of the Shrek program is not only to enhance 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 partnership between the public and private sectors."

The innovative participatory program aims to help private sector companies achieve their investment goals, accelerate the injection of investments worth an estimated five trillion riyals into the local economy until 2030, increase the pace of the Kingdom's GDP growth, contribute to the continued progress of the Saudi economy among the largest global economies, from the current 18th place to the 15th place, and enhance confidence in the investment system in the Kingdom.

The program also aims to help private sector companies achieve their investment goals.

Shrek is an essential part of economic growth

It is worth mentioning that the design of the Shrek program was based on being an essential part of the Kingdom's economic growth plan and national investment strategy, 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 ministries and heads of relevant authorities.

Private Sector Partnership Enhancement Program (PSPEP).

A set of enabling tools has been identified across multiple areas of business support, so that large companies can benefit from them to increase the volume of their local investments. The program will be optional, with evaluation criteria that clearly define eligible projects. The program has a clear framework and guidelines for large companies in terms of qualifying for support. Large companies will develop specialized investment plans with the concerned ministry, which will provide the required support to accelerate the transformation of these plans into reality, and the program will be managed in accordance with the relevant guidelines approved by the Trade Organization