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

Other investments in the telecommunications and logistics will also receive Shareek support.

Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts.

But the kingdom has struggled to attract foreign direct investment , one of the pillars of Vision 2030, which reached just under $4.1 billion in the first half of 2022, a fraction of the $100 billion target for the end of the decade.

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