Crown Prince Mohammed bin Salman on Tuesday launched the Shareek (Partner) program to strengthen the partnership with the private sector in the kingdom.
The program, which targets domestic companies, aims to boost the resilience of the national economy and support sustainable growth and prosperity, the Saudi Press Agency (SPA) reported.
The crown prince predicted that the program will create thousands of new jobs and raise the contribution of the private sector to GDP by up to 65 percent by the end of the decade.
The program will offer a total investment of 5 trillion Saudi riyals (1.33 trillion U.S. dollars) locally by the end of 2030.
Besides the program, 3 trillion riyals will be injected by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, by 2030 as announced earlier this year. In addition, 4 trillion riyals will be invested by the National Investment Strategy.
The program is expected to raise the global ranking of the Saudi Arabian economy to the 15th from the current 18th, according to the SPA.
The first Memorandums of Understanding between large companies and the Shareek program are expected to be signed starting June, it said.
The Shareek program is part of the many ones launched by Saudi Arabia in recent years to diversify its economy and reduce its dependence on oil revenues.