Saudi Arabia’s Minister of Finance and Chairman of the National Center for Privatization, Mohammed bin Abdullah Al-Jadaan, stated that the Council of Economic and Development Affairs approved the completion of the privatization program of the Kingdom, adding that the council successfully achieved its initiative within the agreed management plan.
Al-Jadaan, the privatization program has recorded several achievements since its introduction, the biggest of them being the establishment of the NCP, which has developed over 200 approved projects, which have total investments worth SR800 billion ($213.4 billion).
He said that the program has helped in signing almost 90 agreements, which include ownership transfer agreements as well as public-private partnership agreements in various sectors.
It has further enhanced the position of the private sector to gain strength, efficiency of the government in the operations of its assets, and creation of a legislative and regulatory environment, which would facilitate investment and economic diversification and competitiveness of the Kingdom.
The minister added that the launch of the National Privatization Strategy, which was approved by the Council of Ministers on November 25.
The project will aim at improving the quality and efficiency of infrastructure, improving public services to the residents of the Kingdom, increasing the role of the private sector towards sustainable economic development, and empowering the government to concentrate on its legislative, supervisory, and regulatory functions, and enhancing financial sustainability, in accordance with the vision of the country, called Vision 2030.
Al-Jadaan stated, “Saudi Arabia seeks to establish a high-quality, efficient future infrastructure capable of delivering world-class public services to citizens, residents, and visitors, while reinforcing the Kingdom’s position as a global reference in public-private partnerships.”
The plan is expected to make 18 target areas to achieve higher satisfaction rates with government services, generate tens of thousands of special jobs, surpass 220 of the thematic deals of public-private partnerships, and capitalize on more private sector investments to over SR240 billion by 2030.
The NPS has also come up with five principal programs to empower and promote the privatization system and 42 executive programs to fulfill its goals and the Vision 2030 targets concerning privatization.
It also encompasses an executive program of identifying and prioritizing key privatization opportunities, and among the key privatization opportunities, more than 145 high-priority opportunities have already been identified, providing attractive prospects of investments to the private sector.
