Saudi Firms Outline $51 Billion of Projects Under ‘Shareek’ Diversification Plan

Saudi Arabia outlined plans for 192 billion riyals ($51 billion) of investments by local companies including Saudi Aramco and mining giant Maaden under a government incentive program as it seeks to accelerate a plan to diversify its economy away from oil.

The program, called Shareek, was begun in 2021 by Crown Prince Mohammed bin Salman and is part of his “Vision 2030” plan to transform the oil-dependent Gulf kingdom and raise it to the ranks of the world’s top 15-largest economies by 2030. Saudi Arabia was the world’s fastest-growing among the Group of 20 economies in 2022.