Saudi Gazette report

RIYADH — Minister of Investment Khalid Al-Falih said that the ambitious partnership program with the private sector titled “Shareek” (partner) comes within a series of giant national initiatives launched by Crown Prince Muhammad Bin Salman.

“The program would stimulate the private sector and would have a major role in the growth and diversification of the Saudi economy as well as in its global competitiveness. The reforms undertaken by the Kingdom have pushed Saudi Arabia to advanced ranks in international indices,” he said in a speech session on the sidelines of the launch of the program on Tuesday.

The program aimed to strengthen the partnership with the private sector for local companies with the objective of developing partnership between the government and the private sectors, and accelerate the achievement of the strategic objectives represented by increasing the flexibility of the economy and boosting sustainable prosperity and growth.

Falih said that the program, which includes more than 250 organizational developments, has proved its flexibility in facing crises and its ability to develop.

“Our primary mission is to provide all possible support to improve the investor experience. Our mission is to provide all the support to make the investing experience rewarding and easier,” he said.

According to the minister, foreign direct investment (FDI) achieved a growth of more than 20 percent in 2020, at a time when the coronavirus pandemic was instrumental in plummeting FDI among countries globally by 42 percent.

The net FDI in the Kingdom increased by 20.2 percent, reaching $5.49 billion during the year 2020, compared to about $4.56 billion in the year 2019.

Al-Falih said that private sector institutions are a key partner and the government is keen to boost domestic investment to increase the private sector’s contribution to the GDP.