Arab News, Thursday, Apr 1, 2021 | Shaaban 18, 1442
SABIC boss says ‘Shareek’ will help chemicals giant double capacity as companies line up to strike deals
Saudi Arabia:
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.