A “partner” supports the private sector with land, loans and risk reduction

Economists agreed on the importance of launching a partner program to raise the private sector’s contribution to the GDP after it was affected by the Corona pandemic, stressing that government spending is supportive and reinforcing the private sector, and not a competitor to it, and they expected that the program would contribute to the transfer of major local companies to advanced centers in the world, noting that The aspects of support will be through 3 main tracks: investing in state-owned lands, supporting small and medium enterprises, providing long-term soft loans, as well as improving the legislative and regulatory environment that stimulates investment and launching partnerships.

Previously, a member of the Shura Council, Dr. Fahd bin Jumah, confirmed that the Shrek program, which aims to strengthen the public and private sector partnership, proves the Kingdom’s seriousness in raising the attractiveness of investment in it and supporting the private sector as a partner for development that must be supported and overcome the obstacles facing it, not competition, and the launch of the program for the private sector with the aim of reducing risk Investment and providing all facilities to take control and be more bold in future investments and projects.

He expected that the program would be reflected in the local economy in the long run, transferring major local companies to advanced centers in the world, and stimulating medium enterprises to participate in the program, and stressed the importance of developing a road map to stimulate investment and pumping new capital into the arteries of the national economy, which aims to establish a broad base for production. .

The head of the economics department at Taif University, Dr. Salem Baaja, stated that the launch of a partner program to support the private sector will lead to the growth of local companies’ profits, explaining that the support will be through providing soft loans and harnessing state-owned lands for the private sector to establish projects on them, calling for a focus on promising sectors In investments such as information technology and renewable energy, which will be widely adopted in the coming years.

Professor of Economics at King Faisal University, Dr. Muhammad bin Dulaim Al-Qahtani, explained that the partner program represents a real addition to the private sector, especially after it has been affected by the global economy due to the Corona pandemic, expressing his hope that this trend will be reflected in the employment of citizens and increase the volume of investments, and he noted the entry of the Public Investment Fund as a strong supporter. By pumping 150 billion riyals annually into the arteries of development, stressing the importance of the role of the human component and the comprehensive service centers in launching the required and serious start in a partner program, starting from next June.

The “partner” program

24 companies invest 5 trillion riyals

400 million riyals as a minimum investment for each project

20 billion riyals is a condition for investment until 2030

27 trillion pumped over the next 10 years

Transferring local companies to the world

Supporting the employment of national cadres

Increase the number of investors

Promote investments in information and renewable energy

Providing soft loans

State-owned land investment

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