Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said that memoranda of understanding (MoUs) would be signed between government agencies and major companies in the coming months.

He said that this would be the first step to stimulate new investments under the “Shareek” (Partner) program announced by Crown Prince Muhammad Bin Salman on Tuesday.

“A process of direct communication with major companies in the Kingdom has been launched to identify the incentives that enhance investment and economic programs and accelerate the pace of development,” he said in a speech on the occasion of launching of “Partner” program on Tuesday.

Al-Rumayyan is also secretary general of the Large Corporate Investments Committee, which oversees the program.

He said that major companies reviewed many proposals during the meetings, and the general secretariat will continue holding such meetings that increase the chances of forging partnership between the public and private sectors.

“The components of the Kingdom’s Vision 2030, along with expertise and programs, will be driving factors to enable large companies to thrive and grow to levels not witnessed before.

“The Kingdom’s economy is based on strong and solid foundations, and through which we will seek to enhance opportunities for cooperation and development,” he added.