Saudi companies to invest $51B under government-backed plan

RIYADH – Saudi Arabia has launched 192 billion riyals of investments led by local companies, including oil giant Aramco, SABIC and Ma’aden, under a government-backed initiative, state news agency SPA reported.

The projects are part of a program called Shareek, a 5-trillion-riyal investment initiative announced by Saudi Crown Prince Mohammed bin Salman in 2021, as the kingdom works with the private sector to diversify away from oil by 2030.The program has approved the first batch of projects, including five investments by Aramco in petrochemicals, cloud computing and ship engines, SPA reported, citing a statement from Abdulaziz Al-Arifi, the chief executive of Shareek.

ACWA Power will get backing to build the world’s largest green hydrogen plant, Ma’aden will receive support to boost production of phosphate fertilizers and SABIC will build the kingdom’s first catalyst manufacturing hub, SPA added.

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