Zain KSA, represented by its Chairman, HH Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer, Vice Chairman Bader Al-Kharafi, and CEO Eng. Sultan bin Abdulaziz Al-Deghaither, joined the event to announce the first bundle of projects of large companies under the recently created Private Sector Partnership Program, Shareek. His Royal Highness Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, was also present. The purpose of the event, which took place on February 28, 2023, was to spur the private sector's expansion and help Saudi Arabia meet its Vision 2030 goals for the country as a whole.
The Kingdom's transition into a leading digital economy will be aided by Zain KSA's announcement that a framework agreement has been signed to establish a number of hyper-scale data centers. This will improve the Kingdom's ability to keep up with technological advancements as they happen.
Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, commented on this significant occasion by saying, "We fully believe in the necessity of cooperation amongst large national firms to promote sustained economic growth for the Kingdom, under the guidance of our wise leadership. Our proactive relationship with the public sector is strengthened by the Shareek program, which was introduced by HRH Prince Mohammed bin Salman bin Abdulaziz. It also encourages integration among the biggest domestic businesses. We are fully aware of the crucial role that the ICT sector plays in strengthening the Kingdom's leadership and raising its development indicators globally, in addition to being a key enabler of the three pillars of Saudi Vision 2030: fostering a thriving digital economy through job creation and revenue diversification, maximizing digital service capabilities, and accelerating connectivity within a vibrant society and an ambitious country to position the Kingdom as a global technology leader.
We believe that the Kingdom will be a regional technological powerhouse, attracting investments in the digital services sector and becoming an epicenter of digital content in the region and around the world. We are witnessing an era of strategic transformation in the Saudi ICT sector, he continued.
The Shareek program aims to increase cooperation between the public and private sectors, helping to have a significant beneficial effect on the economy, improving the flexibility and capabilities of significant enterprises both locally and internationally, and empowering significant national companies. Around SAR 192 billion is the estimated total worth of the projects that were unveiled at the ceremony, including SAR 120 billion in investments made by the companies participating in the Shareek program. With an anticipated fiscal multiplier of more than 2.43 times, this will have a significant strategic and economic impact on the Kingdom and add approximately SAR 466 billion to the national GDP over the following two decades.
