Published 17 Mar,2021 via Arab News - Economy RIYADH - The Saudi Cabinet has approved privatization plans for 16 sectors across the economy, SPA reported.
It is part of an overall plan to boost the private sector’s economic contribution to 65 percent of GDP from 40 percent under the Kingdom’s Vision 2030.
The Kingdom wants to attract more international investments to create jobs for Saudis, said Finance Minister Mohammed Al-Jadaan, who also chairs the
Privatization Program Committee.
Gulf states are increasingly considering the privatization of assets and processes as state budgets come under pressure and governments look to trim unnecessary spending. The system is already well established in the power generation sector and is now being considered for other forms of infrastructure such as roads, bridges and wastewater provision.
The National Center for Privatization & PPP is the government body taking the lead in driving privatization across the targeted sectors of the economy.
The Kingdom’s fledgling privatization system aims to enable the distribution of responsibilities and risks between the government and the private sector, and to reduce the government’s capital budget, NCP & PPP CEO Rayyan Nagadi, said.
He said that the Kingdom’s approach reflected international best practice.
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