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RIYADH: SABIC CEO Yousef Al-Benyan said that a new government initiative to promote the private sector would help it double its capacity within the next 10 to 15 years.
He added that the ‘Shareek’ stimulus package announced on Tuesday “would enhance the company’s competitive position on the local, regional and global levels.”
Al-Benyan also highlighted the impact on manufacturing industries, helping to boost demand for petrochemical products in the Kingdom.
Saudi government agencies and major companies in the Kingdom are lining up to sign a string of deals over the coming months, the head of the country’s sovereign wealth fund said.
Public Investment Fund (PIF) Gov. Yasir Al-Rumayyan made the announcement on Tuesday during the launch of the new Shareek program, an initiative aimed at boosting the role of the private sector in diversifying the economy, increasing resilience, and supporting sustainable growth.
The governor said the program was the first step toward stimulating new investments, and that communication between parties had already started. He added that Vision 2030 components along with expertise and programs would lead large companies to new levels of growth.
Minister of Investment Khalid Al-Falih said the Shareek program included more than 250 organizational developments and was flexible in facing crises. “Our primary mission is to provide all possible support to improve the investor experience.”
He added that Saudi reforms had pushed the Kingdom up the rankings order in terms of international indicators.