Senior officials and experts in Saudi Arabia have predicted the doubling of the private sector’s capacity in the Kingdom after Crown Prince Mohammed bin Salman launched the ‘Shareek’ program for the private sector. The new program is a government stimulus package aimed at boosting the role of the private sector in diversifying the economy, increasing resilience, and supporting sustainable growth. Benefiting from Shareek, the Kingdom’s local private sector will invest 5 trillion riyals ($1.3 trillion) between now and 2030 as part of new program to help diversify the economy. Saudi Investment Minister Khalid Al-Falih confirmed that the ambitious partnership program comes within a series of giant national initiatives launched by the Crown Prince. “The program would stimulate the private sector and would have a major role in the growth and diversification of the Saudi economy as well as in its global competitiveness. The reforms undertaken by the Kingdom have pushed Saudi Arabia to advanced ranks in international indices,” said Al-Falih on Tuesday. He said the program, which includes more than 250 organizational developments, has proved its flexibility in facing crises and its ability to develop. “Our primary mission is to provide all possible support to improve the investor experience. Our mission is to provide all the support to make the investing experience rewarding and easier,” he asserted. According to the minister, foreign direct investment (FDI) achieved a growth of more than 20% in 2020, at a time when the coronavirus pandemic was instrumental in plummeting FDI among countries globally by 42%. The net FDI in the Kingdom increased by 20.2%, reaching $5.49 billion during 2020, compared to about $4.56 billion last year. Al-Falih said that private sector institutions are a key partner and the government is keen to boost domestic investment to increase the private sector’s contribution to the GDP. 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 confirmed. Public Investment Fund (PIF) Gov. Yasir Al-Rumayyan said that ‘Shareek’ represents 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.