Saudi Arabia announced firsts set of projects under its Shareek which aims to increase domestic investments of private sector companies (listed and non-listed companies) to reach 5 trillion Saudi riyals ($1.3 trillion) by 2030 through government-approved incentives.

The programme was launched by the Crown Prince Mohammed bin Salman on 30 March 2021.

State-owned Saudi Press Agency (SPA) said 12 projects worth SAR 192.4 billion ($51 billion) have been approved within the Shareek incentives criteria across 8 companies.

The projects are as follows:

  1. A joint venture steel plate manufacturing project (Aramco)
  2. A cloud project targeted for Google Cloud services (Aramco)
  3. An engine manufacturing project for maritime sector (Aramco)
  4. A casting and forging project in Ras Al Khair (Aramco)
  5. Amiral Petrochemical Complex project (Aramco)
  6. Construction of the world’s largest green hydrogen plant, which is being developed ACWA Power in partnership with NEOM Green Hydrogen Company and Air Products Qudra.
  7. Ma’aden’s (Saudi Arabian Mining Company) Phosphate 3 project in Wa’ad Al Shamal, which is set to position the company as the third largest global producer of phosphate fertilisers
  8. SABIC’s catalyst project, which aims reduce Saudi Arabia’s import dependency and enhance exports by establishing the Kingdom’s first catalyst manufacturing hub.
  9. Advanced Petrochemical Company’s methionine production project, which will contribute to enhancing food security in the Kingdom
  10. Telecom company stc’s EMC cable project, which will link Saudi Arabia Via submarine cables
  11. Zain Saudi Arabia’s data centre project
  12. Logistics giant Bahri’s ammonia transportation project, which aims to reduce international vessel dependency and enhancing local content in the logistics sector.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)