"Shareek" Program is one of the main pillars of the Saudi economic development plans | |
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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 | There is consensus among these companies about the feasibility of the proactive government outlook and dynamic efforts, and that such initiatives will contribute to strengthening cooperation between the public and private sectors to increase economic activity and prosperity in the Kingdom |
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 was established to accelerate the growth of business opportunities within the Kingdom and support the achievement of Vision 2030 | 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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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 | 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 |
The program is not a direct response to the negative economic impacts of the COVID-19 pandemic, but rather it achieves a number of goals, most notably to support the sustainable growth of the Kingdom's economy.
17It measures its performance based on the successful implementation of projects of national importance | It will also, through quick approvals and other incentives, facilitate the investment environment and improve the ease of doing business in the Kingdom |
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However, large companies must implement plans to invest SR400 million in each project in order to qualify for support | It aims to contribute up to SR2 trillion to the Kingdom's GDP growth by 2025 and create hundreds of thousands of jobs over the next five years |
It is worth mentioning that this program is voluntary, but in light of the ability to provide dedicated support to meet the specific investment and project requirements of large companies, the program is confident that it will be proven attractive to both the large companies listed on the stock exchange and the large companies from the private sector.
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