The Saudi Minister of Economy and Planning Mohammed Al-Tuwaijri said yesterday that five economic sectors are ready to be privatised during the first quarter of 2019.
The minister made the remarks at a press conference held a day after Riyadh announced its 2019 budget with plans to increase government spending by seven per cent to boost economic growth due to lower oil prices.
According to Al-Tuwaijri, foreign investments in Saudi Arabia more than doubled in 2018 to reach 13 billion riyals ($3.5 billion) or 110 per cent year-on-year.
Foreign investors have been concerned over the past few weeks after relations between Western governments and Saudi Arabia deteriorated following the brutal murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul, Turkey.
In October, foreigner investors sold Saudi shares worth billions of riyals in one of the biggest sell-off since the market opened to direct foreign investment in mid-2015.
READ: Saudi Arabia expects budget deficit to hit $35bn in 2019
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