Prince Mohammed had announced 12 trillion riyals of
investments that the kingdom is planning by 2030, which include
the Shareek programme, 3 trillion riyals from the Public
Investment Fund (PIF) and 2 trillion in foreign investment.
As part of the plans, officials have also pressed
international companies to invest in Saudi Arabia and move their
regional headquarters to Riyadh in order to benefit from
government contracts.
But the kingdom has struggled to attract foreign direct
investment (FDI), one of the pillars of Vision 2030, which
reached just under $4.1 billion in the first half of 2022, a
fraction of the $100 billion target for the end of the decade.
($1 = 3.7524 riyals)
(Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing
by Alexander Smith)
RIYADH, March 2 (Reuters) - Saudi Arabia has launched
192 billion riyals ($51.2 billion) of investments led by local
companies, including oil giant Aramco , SABIC and Ma'aden , under a government-backed initiative,
state news agency SPA reported.
The projects are part of a programme called Shareek, a
5-trillion-riyal investment initiative announced by Saudi Crown
Prince Mohammed bin Salman in 2021, as the kingdom works with
the private sector to diversify away from oil by 2030.
The programme has approved the first batch of projects,
including five investments by Aramco in petrochemicals, cloud
computing and ship engines, SPA reported, citing a statement
from Abdulaziz Al-Arifi, the chief executive of Shareek.
ACWA Power will get backing to build the world's
largest green hydrogen plant, Ma'aden will receive support to
boost production of phosphate fertilizers and SABIC will build
the kingdom's first catalyst manufacturing hub, SPA added.
Other investments in the telecommunications and logistics
will also receive Shareek support.
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