The new Saudi privatization system will seek to expand the scope of citizens’ participation in government assets.
The Saudi cabinet approved the privatization plan earlier this month with the aim to increase the participation of the private sector in the Kingdom’s gross domestic product (GDP).
In a statement, the cabinet said the plan includes 100 potential initiatives in 16 different sectors, including ports, education, health, energy, water, agriculture and communication.
According to the details published on Friday in the Official Gazette, the privatization system would seek to boost Saudi citizens’ ownership of government assets and facilities, as well as increasing job opportunities and optimal employment for the national workforce.
Privatization initiatives are expected to be launched soon in order to make government facilities and services available to the local and foreign private sector in 16 targeted sectors, in line with the goals of Saudi Vision 2030. The plan aims to improve the balance of payments and increase the private sector’s contribution to the GDP.
“There are initiatives that will be floated by privatizing some governmental services in 16 sectors,” Finance Minister Mohammed al-Jadaan said.
Al-Jadaan, who heads the Privatization Program Committee, said the privatization plan aims to increase the participation of the private sector from 40% to 65% of the Saudi GDP.
