The Saudi Cabinet approved the privatization system as part of the Kingdom's attempts to distribute the economic sectors between the government and the private sector.
The privatization program includes 100 potential initiatives in more than 10 sectors, including ports, education, health, energy, industry, mineral wealth, environment, water, agriculture, telecommunications, information technology, social development and sports.
Commenting on the approval of the program, the Minister of Finance and the Acting Minister of Economy and Planning, Mohammed Al-Jadaan, affirmed that "there are initiatives that will be proposed by privatizing some government services, and making them available to the private sector in 16 governmental sectors," explaining that "the privatization system aims to increase the private sector's contribution from 40 percent to 65 percent of the gross domestic product."
In 2016, Saudi Arabia announced its 2030 vision aimed at reducing dependence on oil and enhancing non-oil revenues, while privatization is one of 12 programs included in the economic reform program. In 2018, the Council of Economic and Development Affairs approved the implementation plan of the "privatization program", which aims to sell government assets ranging between 9.3 billion and 10.7 billion dollars.
Source (Anadolu Agency, Edited)
