Saudi cabinet approves privatisation plan

A Saudi man monitors an exchange board at the Stock Exchange Market (Tadawul) bourse in Riyadh on 3 November 2019 [FAYEZ NURELDINE/AFP via Getty Images]

The Saudi Arabian cabinet has approved a privatisation plan as part of the Kingdom’s attempt to divide economic sectors between the government and the private sector. The news was issued in a formal cabinet statement.

The scheme includes privatising 100 potential initiatives in various sectors, including ports, education, health, energy, industry, mineral resources, the environment, agriculture, communication, information technology, social development and sports.

The Privatisation Programme Committee is headed by Finance Minister Mohammed Al-Jadaan. He said that the new plan targets an increase in the private sector’s contribution from 40 to 65 per cent of Saudi Arabia’s GDP.

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