Saudi Arabia aims to raise $55 billion from a privatization plan

Saudi Finance Minister Mohammed Al-Jadaan says the Kingdom recently announced a privatization plan that includes identifying 160 projects in 16 sectors. (File/AFP)
Saudi Finance Minister Mohammed Al-Jadaan says the Kingdom recently announced a privatization plan that includes identifying 160 projects in 16 sectors. (File/AFP)
Short Url
Updated 04 June 2021

Saudi Arabia aims to raise $55 billion from a privatization plan

Saudi Arabia aims to raise $55 billion from a privatization plan
  • Al-Jadaan opened a high-level G20 conference with his Italian counterpart Daniele Franco
  • The finance minister said that infrastructure plays an important role in promoting economic activities

RIYADH: Saudi Arabia is seeking to raise $55 billion from a privatization plan, the Kingdom’s finance minister said on Thursday.
Mohammed Al-Jadaan said the Kingdom had recently announced a privatization plan that includes identifying 160 projects in 16 sectors, including asset sales and public-private partnerships.
“Our goal is to secure about $55 billion from the privatization plan, of which $16.5 billion will be in public-private partnerships.”
He added: “We are looking forward to using the private sector to manage and finance infrastructure, health services, urban transport networks, school buildings, airport services, water desalination plants, and sewage treatment through these partnerships, in order to ensure better, more cost-effective and efficient implementation that reduces the use of materials and energy, while providing improved products and services for the benefit of citizens and the world at large.”
Al-Jadaan opened a high-level conference entitled “2021 G20 Infrastructure Investors Dialogue: Financing Sustainable Infrastructure for the Recovery,” along with Italian Minister of Economy and Finance Daniele Franco, in the presence of a number of G20 finance ministers, international and regional organizations, representatives of the private sector, senior investors and asset managers.
The finance minister said that infrastructure plays an important role in promoting economic activities, fundamentally supports productivity, and provides a solid foundation for robust, inclusive and sustainable growth.
 Al-Jadaan added that financing sustainable development and quality infrastructure are some of the concerns of the G20, and that bridging the infrastructure financing gap required more effort.
Al-Jadaan said that the G20, under the Kingdom’s presidency last year, prepared the Group of Twenty report, in cooperation with the Organization for Economic Cooperation and Development (OECD), in cooperation with institutional investors and asset managers in infrastructure.
The report that was welcomed by leaders of the G20 countries, as well as finance ministers and central bank governors.
The conference aims to benefit from the positive results achieved by the group during the past year, which witnessed many forums with infrastructure investors.
Saudi Arabia is a member of the G20 troika, and the Kingdom is keen to support the group’s efforts to achieve strong, balanced, sustainable and inclusive economic growth.
The conference is an opportunity to present an action-oriented agenda for dialogue with investors toward investment in transformational infrastructure, which will be discussed at a meeting of finance ministers and central bank governors in October under the Italian presidency of the G20.


Saudi defenses intercept drone launched by Yemen's Houthi militia towards Khamis Mushait

Saudi defenses intercept drone launched by Yemen's Houthi militia towards Khamis Mushait
Updated 4 min 5 sec ago

Saudi defenses intercept drone launched by Yemen's Houthi militia towards Khamis Mushait

Saudi defenses intercept drone launched by Yemen's Houthi militia towards Khamis Mushait

RIYADH: The Arab coalition said on Sunday that Saudi defenses had destroyed a drone launched by Yemen’s Houthi militia toward southern Saudi Arabia, state TV reported.
The coalition said the drone was targeting the city of Khamis Mushait, adding that the Houthis continue to deliberately target civilians and civilian objects in the Kingdom.
It added that it is “taking operational measures to protect civilians and deal with the imminent threat.”
On Saturday, the coalition said Saudi air defenses intercepted 17 armed drones launched by the Iran-backed Houthis toward the Kingdom. 


Two people sentenced to 3 years’ jail for money laundering: Saudi Public Prosecution

Two people sentenced to 3 years’ jail for money laundering: Saudi Public Prosecution
Updated 49 min 42 sec ago

Two people sentenced to 3 years’ jail for money laundering: Saudi Public Prosecution

Two people sentenced to 3 years’ jail for money laundering: Saudi Public Prosecution
  • Saudi citizen barred from traveling for 3 years, expat would be deported from the Kingdom after he completes his sentence
  • The prosecution said that it was working to recover about $1,599 million

RIYADH: A Saudi national and an expat have been sentenced to three years in prison for money laundering, the Kingdom’s Public Prosecution said on Sunday.
The public prosecution announced that it had issued the preliminary ruling, adding the citizen had been barred from traveling for three years and the expat would be deported from the Kingdom after he has completed his sentence.
The prosecution said that it was working to recover about SR6 million ($1,599 million) smuggled abroad through the judicial authority’s International Cooperation Department.
An official at the public prosecution said that a citizen had colluded with a foreign national to enable him to access his bank accounts in return for a monthly sum of money, a statement on Saudi Press Agency said.
“Accordingly, the citizen created a commercial entity and opened bank accounts, to legitimize them, with the aim of misleading regulatory authorities into believing that there is existing commercial activity. The citizen then handed over the bank accounts to the expat who had collected money illegally, deposited it into those accounts, and transferred it abroad,” the official said.
Evidence found during the investigation revealed that the commercial entity has no activity on the ground, the official said.
The official warned of the danger of enabling others to exploit private bank accounts to transfer funds illegally, adding that the public prosecution would continue to combat all financial crimes and demand the most severe deterrent penalties.


Saudi Arabia records 14 COVID-19 deaths, 1,079 new infections

Saudi Arabia records 14 COVID-19 deaths, 1,079 new infections
Updated 20 June 2021

Saudi Arabia records 14 COVID-19 deaths, 1,079 new infections

Saudi Arabia records 14 COVID-19 deaths, 1,079 new infections
  • The Kingdom said 1,214 patients recovered in past 24 hours

RIYADH: Saudi Arabia confirmed 14 new COVID-19 related deaths on Sunday, raising the total number of fatalities to 7,677.
The Ministry of Health confirmed 1,079 new confirmed cases reported in the Kingdom in the previous 24 hours, meaning 474,191 people have now contracted the disease. 
Of the total number of cases, 10,896 remain active and 1,516 in critical condition.
According to the ministry, the highest number of cases were recorded in Makkah with 320, followed by the capital Riyadh with 216, the Eastern Province with 206, Asir recorded 100, and Jazan confirmed 63 cases.

The health ministry also announced that 1,214 patients had recovered from COVID-19, bringing the total number of recoveries in the Kingdom to 455,618.
The ministry renewed its call on the public to register to receive the vaccine, and adhere to the measures and abide by instructions.
The coronavirus pandemic has affected over 179 million people globally and the death toll has reached around 3.87 million.


Saudi officials approve trio of commercial, entertainment facilities in Madinah

Municipality of Madinah region approved the implementation of three new commercial and entertainment projects on an area of ​​60,000 square meters. (Twitter/@AmanaAlmadinah)
Municipality of Madinah region approved the implementation of three new commercial and entertainment projects on an area of ​​60,000 square meters. (Twitter/@AmanaAlmadinah)
Updated 20 June 2021

Saudi officials approve trio of commercial, entertainment facilities in Madinah

Municipality of Madinah region approved the implementation of three new commercial and entertainment projects on an area of ​​60,000 square meters. (Twitter/@AmanaAlmadinah)
  • The projects will cover an area of ​​60,000 square meters

JEDDAH: Three new commercial and entertainment projects have been approved in Madinah as part of the municipality’s plans to empower the private sector and services provided to residents and visitors to the region.
The projects will cover an area of ​​60,000 square meters, the municipality said in a statement to the Saudi Press Agency on Sunday.
The new approved projects include a commercial entertainment project on Al-Hijra Road with an area of ​​42,000 square meters and 51 shops, 22 outlets, and a variety of cafes and restaurants, in addition to open seating children’s play areas. The center will also provide a range of public services, prayer areas and car parks.
A second project, to be built on Quba Road in the Al-Sad neighborhood, will include a commercial market consisting of 58 commercial showrooms on an area of ​​13,000 square meters, decorated with green spaces and public services.
The third commercial and entertainment project will be built on Prince Mohammed bin Abdul Aziz Road in Al-Arid neighborhood and will include four trade fairs over an area spanning ​​560 square meters, with green spaces and an open garden in the center.


Saudi crown prince inaugurates $1bn housing and medical projects for Ministry of Defense employees

The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than $1.066 billion. (SPA)
The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than $1.066 billion. (SPA)
Updated 20 June 2021

Saudi crown prince inaugurates $1bn housing and medical projects for Ministry of Defense employees

The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than $1.066 billion. (SPA)
  • The initiative includes six housing projects that provide 3,797 housing units,
  • The projects aim to achieve the strategic objectives of the Ministry of Defense’s development program, in line with the Kingdom’s Vision 2030

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman inaugurated eight housing projects as well as medical treatment for employees of the Ministry of Defense, the state news agency SPA reported on Sunday.
The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than SR4 billion ($1.066 billion).
The initiative includes six housing projects that provide 3,797 housing units, comprising of the King Saud Base housing project in Hafr Al-Batin, the armed forces housing project in the northwestern region, the housing project for the families of the King Salman bin Abdul Aziz Center for Mountain Warfare in Taif, and the armed forces housing project in Sharurah, in addition to the first phase of the armed forces housing project in Jazan and the second phase of the armed forces housing project in the Eastern Province.
The crown prince also inaugurated a number of medical development projects, including one to establish a heart center in the Armed Forces Hospital in the northwest with a capacity of 130 beds, and the expansion of the Prince Sultan Armed Forces Hospital in Madinah, which will increase bed capacity to 100 beds. The expansion will also add 10 intensive care units, operating rooms equipped with the latest medical equipment, and emergency, radiology, laboratory and pharmacy departments, as well as a blood bank.
Dr. Khaled bin Hussein Al-Biyari, assistant minister of defense for executive affairs, said that completion and inauguration of these projects was an implementation of the prince’s directives, and was within the framework of his concern for the armed forces and for providing adequate housing and integrated health care for its employees.
Al-Biyari said that these projects were part of a series of programs to secure housing units for employees of the armed forces according to the best standards, design specifications and implementation.
The aim is to develop and expand existing health facilities and support them with the latest medical and technical equipment to achieve the strategic objectives of the Ministry of Defense’s development program, in line with the Kingdom’s Vision 2030.