"Shareek" Program is one of the main pillars of the Saudi economic development plans | The program also seeks to maximize the flexibility of the Kingdom's economy by launching vital projects that contribute to the development of the main economic sectors |
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The program will become an essential part of the national investment strategy and the broader economic development plan, and it will enhance the Kingdom's reputation as a business-friendly environment that attracts investments seeking remunerative returns, in addition to providing practical and accurate support to accelerate the growth of large companies' projects in the Kingdom, given the framework of the large companies investment board and clear guidelines for large companies that qualify them for support, and enable them to participate in the plan voluntarily which is designed to achieve major benefits for these companies |
The program was established to accelerate the growth of business opportunities within the Kingdom and support the achievement of Vision 2030.
25However, large companies must implement plans to invest SR400 million in each project in order to qualify for support | Riyadh,SPA: Establishing a vibrant and thriving private sector is one of the Kingdom's national priorities, and is the driving force behind the creation of a large corporate investment program |
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To benefit from the program, large companies must prove their ability to invest a minimum of SR20 billion over the next decade, and the ability to invest SR400 million in each additional project, to possess the necessary qualifications to obtain the program's support | In principle, the following entities that are likely to participate in providing incentives include the Ministry of Finance, the Ministry of Transport, the Ministry of Energy, the Ministry of Commerce, the Ministry of Human Resources and Social Development, the Saudi Customs, the Saudi Industrial Development Fund, the Local Content and Government Procurement Authority, the Capital Markets Authority, the Saudi Central Bank, the General Authority for Zakat and Tax, the Royal Commission for Jubail and Yanbu, the Ministry of Communications and Information Technology, the Communications and Information Technology Commission, the Ministry of Industry and Mineral Resources, the Ministry of Environment, Water and Agriculture, the Saudi Authority for Industrial Cities and Technology Zones MODON , the Ministry of Interior, and the Economic Cities and Special Zones Authority |
The program provides support through access to assets, operational, organizational and cooperative support, as these forms are the most important areas of support that enable projects to be launched at an early stage compared to current plans.
18The program will also create opportunities for interaction with small and medium enterprises and cumulative impacts on value chains as a whole within a wide range of sectors of the national economy | Each company will receive special support and benefit from government support that is most closely linked to it, which will accelerate its investment plans and programs |
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It will also, through quick approvals and other incentives, facilitate the investment environment and improve the ease of doing business in the Kingdom | It measures its performance based on the successful implementation of projects of national importance |
The program is currently open to large private sector companies with projects that will have a significant impact on the national economy by large.
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