The Saudi Council of Ministers, in its session today, Tuesday, approved in videoconference, chaired by the Guardian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the “rules governing privatizations”.
The Board also approved the “operating and governance mechanism for the conclusion of commercial and commercial agreements” and approved the “final balance of the public pension institution (already) relating to the previous year”.
In today’s session, the Council passed in reviews a range of activities the Kingdom has witnessed over the past week, including the launch of the Human Capability Development Program, one of the programs (Vision 2030), which represents a national strategy to strengthen the competitiveness of national human capabilities locally and globally.
Last March the Council of Ministers approved the privatization system to involve the private sector in infrastructure projects and public services provided and to strengthen the competitiveness of the business sector according to the best international practices.
With the adoption by the Council of Ministers of the “Regulation in privatization “, The economic capabilities of Saudi Arabia at the regional and international level through a package of measures With the aim of diversifying sources to increase the volume of investments, while strengthening the partnership between the public and private sectors in front of domestic and foreign investors.
There will be 16 government sectors destined for privatization in in line with the vision objectives, improving the balance of payments and increasing the contribution of the private sector from 40 to 65% of GDP.
The National Center for Privatizations is working on a package of initiatives and projects aimed at realizing the aspirations of the Kingdom 2030, while the National Development Fund is working to establish a National Infrastructure Fund that will accelerate the implementation of infrastructure projects in the Kingdom. facilitating the participation of the private sector in these projects.
Specialists believe that the approval of the privatization system is one of the most important steps that will help increase private sector investment and generate revenue for the government from asset sales, which will be reflected in the contribution to domestic product, while increasing the total government returns from sales of assets.
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