Saudi Aramco and SABIC are set to spearhead a private investment drive worth $1.3 trillion by 2030, and will be guided by the business rather than state, Aramco CEO Amin Nasser told Reuters.
Saudi Crown Prince Mohammed bin Salman announced the Shareek initiative as part of a broader vision to diversify the economy away of oil-dependency, aiming to increase private investment in the nation.
“You can look at Shareek as a catalyst in making Saudi Arabia even more compelling as an investment destination for both local and foreign investors,” Nasser said during an interview with Reuters.
He also outlined the programme, which would see private companies asking for incentives from the government in the form of support, and Aramco would then decide independently whether or not to become a partner in the project.
“We will bring each project as a unique case, and I’m sure like other companies we will have specific details that will be discussed with the committee in charge of granting these incentives,” Nasser said.
He stressed that the government would not push Aramco in one direction or the other, but concerns still remain about the types of projects that it could take on outside of the energy sector.
It is also unclear how this programme might impact Aramco’s dividend.
