The Saudi Council of Ministers approved the transformation of the Private Sector Partnership Reinforcement Program (Shareek) into a center named “the Private Sector Partnership Reinforcement Center (Shareek).”
Experts told Asharq Al-Awsat that the measure confirms the Saudi government’s seriousness in modifying the path of partnership with the private sector to achieve economic sustainability.
Shareek aims to increase domestic investments of private sector companies (listed and non-listed companies) to reach SAR 5 ($1.3 billion) trillion by 2030 through the support and unlocking of Government-approved incentives.
The decision to transform Shareek into a center, under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammad bin Salman bin Abdulaziz, reflects the government’s interest in the local private sector and keenness to support and increase its contribution to the national economy, the head of the Federation of Saudi Chambers (FSC) Hassan Al-Huwaizi told Asharq Al-Awsat.
Al-Huwaizi added that the center will have a positive effect on advancing the program’s goals.
The FSC head stressed that the center ushers in a new formula and stage in the partnership between the public and private sectors, in line with the directions and objectives of “Vision 2030.”
The newly created Shareek Center supports the creation of more than 100,000 job opportunities and the promotion of local content by 2030, said Al-Huwaizi.
He affirmed that institutional bodies of the business sector in the Kingdom, represented by the FSC and Chambers of Commerce, will work closely with the Sahreek to enable investment opportunities and boost competitiveness in implementing various projects.
Transforming the Sahreek program into a center will support raising the private sector’s contribution to the GDP and the achievement of the goals of Vision 2030, said Osama Al-Obeidi, advisor and professor of international commercial law at the Institute of Public Administration.
It is a step in the right direction to build the relationship between local companies and public agencies, he added.
