Saudi Basic Industries Corporation (SABIC) CEO Yousef Al-Benyan said that a new government initiative to promote the private sector would help it double its capacity within the next 10 to 15 years.
He added that the ‘Shareek’ stimulus package “would enhance the company’s competitive position on the local, regional and global levels.”
Al-Benyan also highlighted the impact on manufacturing industries, helping to boost demand for petrochemical products in the Kingdom.
Speaking to Asharq Al-Awsat on the sidelines of the event set up for launching Sareek, Al-Benyan said that such initiatives place Saudi Arabia at the forefront of countries that provide a supportive and sustainable environment for business.
“The program enables the private sector to work with the relevant ministry or government agency to obtain the necessary specialized support,” he added.
Crown Prince Mohammed bin Salman announced late on Tuesday night that the Kingdom would boost economic activity by means of a plan to increase private sector investment. There would also be the stimulus from a new national investment strategy to be announced soon.
Under the new Shareek program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030.
The program, according to al-Benyan, will increase growth opportunities for the petrochemical industries, support manufacturing industries in the Kingdom, strengthen the supply chain, improve accessibility of competitive financing to support SMEs, and further develop foreign trade by supporting Saudi exports.
“Shareek’s importance in achieving the national vision for transformation, Kingdom Vision 2030, lies in several strategic goals that include reducing oil dependency, maximizing local content, transferring and localizing technology and knowledge, and developing and empowering human resources in the Kingdom,” said al-Benyan.
“We realize that the prosperity of the private sector is an important strategic priority for Saudi Arabia and that it will play a pivotal role in boosting the Kingdom's economic growth,” he affirmed.