The Saudi government has approved the Shareek program's framework for multibillion-dollar projects.

Riyadh: On Wednesday, the first batch of Shareek program projects in Saudi Arabia was implemented.

Crown Prince Mohammed bin Salman, prominent government ministers, and business executives attended a ceremony when framework agreements for 12 projects totaling SR192.4 billion ($51.3 billion) in investments were signed.

Shareek, introduced in 2021 by the crown prince in his capacity as head of the Big Corporate Investments Committee, has so far attracted 28 enterprises. According to Saudi Arabia's goals, the initiative intends to boost the contribution provided by significant firms to economic sustainability and strengthen collaborations between the public and private sectors.

According to the Shareek rewards criterion, the 12 projects—in which eight businesses from four industries are involved—were accepted. To stimulate more than SR466.83 billion in GDP growth by 2040 and create 64,451 employment, the companies will invest SR120.23 billion by the end of 2030.

Five of the 12 projects will have their development progressed with assistance from Aramco. The first is a manufacturing joint venture to supply Saudi Arabia with steel plates on a completely independent basis by 2030.

The second initiative aims to turn Saudi Arabia into a center for cutting-edge cloud computing technologies by bringing Google Cloud services there.

The Aramco engine manufacturing project, which intends to advance the value of the metals and machinery industries while fostering sustainable maritime industry growth, will also receive support from the Shareek initiative.

Thanks to a casting and forging project in Ras Al-Khair, the Kingdom's industrial supply chains will be more integrated. Aramco will get support for starting its Amiral petrochemical complex project to help localize chemical manufacturing.

In contrast, Shareek will support ACWA Power in building the largest green hydrogen plant in the world in line with the Kingdom's plans for net-zero emissions.

The Saudi Arabian Mining Company, Ma'aden, will get assistance with the beginning of its Phosphate 3 project in Wa'ad Al-Shamal. The project is anticipated to elevate the Kingdom's standing in the global agricultural value chain, consequently enhancing food security worldwide and placing the business as the third-largest producer of phosphate fertilizers worldwide by 2029.

Saudi Basic Industries Company will get financing for a project to establish the first hub for manufacturing catalysts in the Kingdom in the petrochemicals industry. It attempts to boost the nation's export position and reduce import reliance.

Also, Shareek will help the Advanced Petrochemical Company with methionine manufacturing. The project should increase domestic food security.

The Saudi Telecommunication Company will begin a project to install electromagnetic compatibility, or EMC, cables to reinforce Saudi Arabia's position as a reliable data conduit and digital hub in the North Africa and Middle East region.

Also, Zain Saudi Arabia will quicken a data-center project to aid the Kingdom's initiatives to expand its digital economy.

By supporting a project that will, for the first time, offer ammonia-transportation services in the Kingdom, reduce dependency on foreign vessels, and strengthen the local logistics industry, Shareek will help Saudi logistics powerhouse Bahri improve its capacity for ammonia transportation.

Abdulaziz Al-Arifi, CEO of the Shareek program, said during the event that the projects would aid the eight businesses in expanding, improve their ability to compete globally, and significantly impact entire value chains.