Shareek program not to affect Advanced dividends, says chairman

Khalifa Al-Mulhem, Chairman of Advanced

Advanced Petrochemical Co.’s board chairman, Khalifa Al-Mulhem, said that the “Shareek”, or Partner, program will not affect the company’s dividends, adding there were no talks with the program about the planned dividends of participant companies.

Every company has a financial position and several channels to finance its expansions. The program will help it pursue these expansions, Al-Mulhem told Al-Arabiya TV.

The Public Investment Fund (PIF) will help many companies and finance their projects to accelerate feasible investments.

The Kingdom’s sovereign wealth fund operates on a commercial, rather than a government basis. It is keen to incentivize firms and ensure that they achieve their ambitions not only to deliver the best outcomes to shareholders, but the national economy in general.

Speaking of the incentives offered by the program to the participating companies, Al-Mulhem explained that any major company provides a feasibility study for its projects. The “Shareek” program members, including the PIF, Dussur, and others will contribute to those projects.

Majority of mega projects face several challenges, mainly finance. The new program and the PIF will support these projects with soft loans and overcome industry obstacles to help all companies deliver their plans.

Saudi Crown Prince, Mohammed bin Salman, launched the new program to enhance partnership with the private sector in the Kingdom, Argaam reported.

Under the new scheme, private sector businesses will be helped to invest SAR 5 trillion between by the end of 2030.