Green light for crown prince-led Saudi privatization program

Updated 25 April 2018
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Green light for crown prince-led Saudi privatization program

  • The Privatization Program is one of 12 key elements of the Saudi Arabia’s Vision 2030
  • The program is aimed at increasing job opportunities for Saudi nationals

RIYADH: Saudi Arabia’s Council of Economic and Development Affairs on Tuesday approved the Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030. 

The program is aimed at increasing job opportunities for Saudi nationals, attracting the latest technologies and innovations, and supporting economic development.

It encourages both local and foreign investment in order to enhance the role of the private sector, with government entities adopting a regulatory and supervisory role. The aim is to increase the private sector’s contribution to GDP from 40 percent to 65 percent by 2030. 

The program will aim to reach its objectives through encouraging the private sector to invest in establishing new schools, universities and health centers, while the government pursues its organizational and supervisory role in health and education.

The privatization program aims to benefit from previous success stories, with the private sector’s collaboration in the development of infrastructure, and its involvement on a large scale in sectors such as energy, water, transport, telecommunications, petrochemicals and finance.

The program sets out a series of objectives in three areas: Developing a general legal framework for policies related to privatization; establishing organizational foundations and dedicated institutions to execute the policies; and setting a timescale for their delivery. 

The Council of Economic and Development Affairs is headed by Crown Prince Mohammed bin Salman.


Cabinet welcomes joint Saudi-Turkish Khashoggi probe

Updated 4 min 13 sec ago
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Cabinet welcomes joint Saudi-Turkish Khashoggi probe

JEDDAH: Saudi Arabia’s Cabinet on Tuesday welcomed Turkey’s acceptance of the Kingdom’s request to form a joint team of specialists from both countries to investigate the circumstances behind the disappearance of Saudi citizen Jamal Khashoggi in Istanbul.
At a session chaired by King Salman at Al-Yamamah Palace in Riyadh, the Cabinet thanked all countries, organizations, parliaments, authorities and people who prefer the search for truth rather than jumping to conclusions, spreading rumors and making accusations.
“The Kingdom’s commitment to the UN Charter and the principles of international legitimacy are the cornerstones of its foreign policy,” the Cabinet said.
The ministers reiterated the Kingdom’s support for the elimination of nuclear weapons worldwide, particularly in the Middle East.
The Cabinet also condemned attacks targeting election rallies in the Afghan provinces of Takhar and Lashkargah, a school in the Kenyan city of Mandera, and a restaurant and hotel in the Somali town of Baidoa.
It expressed its condolences to the families of the victims, and to the governments of Kenya, Somalia and Afghanistan.
The Cabinet wished the injured a speedy recovery, and reiterated the Kingdom’s firm stand against terrorism in all its forms.