Finance Minister: Saudi Arabia announces 160 privatization agreements next year

Saudi Finance Minister Mohammed Al-Jadaan said on Thursday that the Kingdom is preparing 160 privatization deals and intends to announce further such operations next year.

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

At the beginning of quest’year, the kingdom suspended the privatization of the Ras al-Khair power and desalination plant, one of several state assets that the government has decided to sell to reduce pressure on spending in capital account and diversify revenue without relying on oil.

The minister said the Saudi government continues to adopt policies to address the coronavirus pandemic with realistic, transparent and accountable procedures.

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

The minister indicated that the government has initiated a series of financial reforms aimed at a global and total change of the economy to bring about a major change in development.

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

Al-Jadaan said the preliminary estimates for the third quarter of questyear indicate growth of 6.2% in non-oil GDP, emphasizing that this is reflected in promising results for the performance of public accounts.

It 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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