Saudi Crown Prince Mohammed bin Salman on Tuesday launched a programme to strengthen partnership between the government and the private sector.
The initiative, 'Shareek', aims to enhance the contribution of local companies towards the country’s economic growth, development and success.
It is part of an investment programme worth 27 trillion riyals ($7.2tn) over the next 10 years.
Shareek will create hundreds of thousands of new jobs, as the private sector's contribution to gross domestic product is expected to rise to 65 per cent, as part of the goals of Vision 2030.
The first preliminary agreements are expected to be signed starting in June.
An online inauguration for the initiative was attended by high-ranking ministers, businessmen and heads of large companies in the kingdom.
“Building a vibrant and prosperous private sector is one of the national priorities for the kingdom," Prince Mohammed said.
"And that is why we are inaugurating a new and more powerful era in terms of co-operation and partnership between the government and private sector today.
“The Shareek programme will strengthen the partnership with the private sector and has the objective of supporting local companies and enabling them to unlock new local investments valued at 5tn riyals through the end of 2030.”
He said Saudi Arabia would undergo a giant leap in investments over the next decade.
“Three trillion riyals will be injected by the Public Investment Fund through 2030, as announced earlier this year; 4tn riyals will be invested under the umbrella of the National Investment Strategy, details of which will be announced soon; and 5tn riyals from the large companies of the private sector, supported by the Shareek programme," Prince Mohammed said.
"The total investment injected from these three sources in the national economy is expected to reach 12tn riyals by 2030.
"This does not include government spending of 10tn riyals over the next 10 years, and private consumption spending, expected to reach 5tn riyals by 2030.
"The total across all these sources reaches 27tn riyals over the next 10 years."
The collaborative programme aims to create more confidence in the kingdom’s investment ecosystem.
It will help private-sector companies to achieve their investment goals and accelerate growth of the kingdom's GDP.
Saudi Arabia has set a goal of rising from its current ranking of the world's 18th largest economy to 15th.
Businesses taking part will work closely to create tailored investment plans with the relevant ministries.
Shareek will also be an incentive for businesses recovering from the Covid-19 pandemic.
The new programme will create a conducive environment for investment through proactive, innovative and forward-looking measures.
It will operate in line with World Trade Organisation guidelines and domestic and international regulations and policies.
Shareek is an integral part of the country’s National Investment Strategy and economic growth plan.
More details are expected to be revealed soon.