Finance Minister clarified about the new approval of privatisation

Finance Minister clarified about the new approval of privatisation. The Minister of Finance and Acting Minister of Economy and Planning, Muhammad Al-Jadaan, confirmed that the privatization system, which was approved by the Council of Ministers yesterday (Tuesday), aims to create an environment that allows raising the volume and level of services provided to citizens and residents.

Finance Minister clarified about the new approval of privatisation

Al-Jadaan, who is the Chairman of the Privatization Program Committee and Chairman of the Board of Directors of the National Center for Privatization, explained that the National Center for Privatization will implement privatization initiatives and opportunities in 16 sectors to provide the best services in accordance with the goals of “Vision 2030”.

He added that the new system will create the necessary flexibility in the regulatory and investment environment for privatization projects in the Kingdom, and to support the implementation of those projects within an attractive regulatory and investment environment, indicating that it works to enhance the participation of the private sector in the economy and provide investment opportunities by organizing procedures related to privatization projects and facilitating the submission of those Opportunities for the private sector in a transparent and fair manner.

He said that the system will contribute to enhancing economic growth by supporting the launch of initiatives and projects for privatization and partnership between the government and the private sectors to private investors, whether local or international.