In another bold step towards supporting the national economy and strengthening the relationship between the government sector and the private sector in the Kingdom, the Council of Ministers approved the adoption of the privatization system during a session via video communication to the Council of Ministers chaired by the Custodian of the Two Holy Mosques, His Majesty King Salman bin Abdulaziz
The CEO of the National Center for Privatization Rayan Naqadi indicated that “the privatization system has been developed to raise the private sector’s contribution to government projects, and the system also aims to enable the distribution of responsibilities and risks between the government and the private sector, reduce the government’s capital budget, and organize all activities and procedures related to the implementation of privatization projects. supervising, following up, and monitoring them, in addition to raising the level of transparency, fairness and integrity of procedures related to privatization contracts.
For his part, the Executive Vice President for Legal and Regulatory Affairs at the National Center for Privatization Sultan Al-Qahtani said, “The methodology for developing the privatization system included looking at international and local experiences and benefiting from the best practices in place, and based on the experiences gained through the implementation of successful privatization projects that achieved the objectives of privatization during the past years. “.
Al-Qahtani pointed out that “the objectives of the privatization system include expanding the number of privatization projects implemented in the Kingdom, stimulating the private sector and creating an investment environment that enables local and international investors to participate in the privatization opportunities offered.”
In its first steps in this aspect, the Kingdom places 16 sectors under the privatization system for the local and foreign private sector. Many specialists believe that the Saudi step in the field of privatization will have a significant impact on the level of the national economy, strengthening the relationship between the public and private sectors, and contributing to the realization of Vision 2030, which made the The allocation system is one of its priorities.