To diversify its economy away from oil, strengthen partnerships between the public and private sectors and increase the contribution made by large businesses to economic growth, Saudi Arabia outlined plans for $51.2 billion of investments led by local companies, including oil giant Aramco, SABIC, and Ma’aden, under a government-backed initiative called Shareek.

Shareek, announced by Crown Prince Mohammed bin Salman in 2021, to diversify the kingdom’s economy away from oil by 2030. So far, 28 companies have enrolled in Shareek. The program aims to create more than 64,000 jobs by 2030.

Earlier this week, under this program, 12 projects were signed in four industries, including five investments by Aramco in petrochemicals, cloud computing, and ship engines, SPA reported, 

ACWA Power will get backing to build the world’s largest green hydrogen plant, Ma’aden will receive support to boost the production of phosphate fertilizers, and SABIC will build the kingdom’s first catalyst manufacturing hub, SPA added. Other investments in telecommunications and logistics will also receive Shareek support.

The program plans to transform the oil-dependent country and raise it to the world’s top 15 largest economies by 2030. Saudi Arabia was the world’s fastest-growing Group of 20 economies in 2022.