Saudi Arabia announces 160 privatization deals next year

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Saudi Finance Minister Mohammed Al-Jadaan said today, Thursday, that the Kingdom is preparing 160 privatization deals and intends to announce more of these operations next year.

At the financial stability symposium, the minister added that plans to privatize institutions in the education and logistics sectors are on their way.

Earlier this year, the kingdom suspended Privatization of the Ras Al-Khair desalination and electricity generation plantIt is one of a number of state-owned assets that the government has targeted to sell to reduce pressure on capital spending and diversify revenues without relying on oil.

The minister said that the Saudi government continues to adopt policies to deal with the coronavirus pandemic with realistic, transparent and responsible procedures.

Al-Jadaan explained that these measures put the Kingdom on the path of recovery and stability.

The minister indicated that the government launched a set of financial reforms aimed at a comprehensive and total change of the economy to bring about a major developmental shift.

The minister continued, “The Kingdom’s economy has been witnessing a gradual recovery since the middle of last year, and stronger this year, which was evident from the positive growth rates in the real non-oil sector, which recorded 8.4% in the second quarter, with the support of the private sector, which recorded a growth rate of 11.1%.”

Al-Jadaan stated that preliminary estimates for the third quarter of this year indicated a growth of 6.2% of the non-oil GDP, stressing that this was reflected in promising results for the performance of the public finances.

He revealed that the government is working on a financial sustainability program to reduce the impact of external factors, including fluctuations in oil markets, by adopting financial rules that achieve financial sustainability.





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