The Saudi Crown Prince, Prince Muhammad bin Salman bin Abdulaziz, launched the program to strengthen partnership with the private sector, one of the ambitious programs of Saudi Vision 2030.
Prince Mohammed bin Salman, in a speech today, Tuesday, to a meeting held between the public and private sectors in the Kingdom, described the private sector as a “key partner” in building a vibrant and sustainable economy, and the state will support its contribution in order to enter a strong era in this partnership.
He considered that the launch of the program constitutes a continuation of the implementation of Vision 2030, explaining that the program will contribute to pumping local investments amounting to 5 trillion riyals until the end of 2030, and we see it as a long-term investment, and it comes along with what the Public Investment Fund will pump 3 trillion riyals.
He explained that there is another 4 trillion riyals that will be pumped under the umbrella of the National Investment Strategy, and this does not include 10 trillion riyals of government spending, which constitutes a total of 27 trillion riyals equivalent (7 trillion dollars) until 2030.
He stressed that this strategy will create hundreds of thousands of jobs, and will raise the private sector’s contribution to 65% of the Kingdom’s economy by 2030.
He said that the partnership program with the private sector was designed, in a participatory format, in order to stimulate the growth of the economy, achieve greater benefits for all segments of society, and provide tremendous opportunities for major companies, in addition to the existence of strong long-term incentives, particularly strengthening the partnership in the development of the country under the directives of the Custodian of the Two Holy Mosques. King Salman bin Abdulaziz.
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