In another ongoing 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 agreed to adopt the privatization system during a video-call session of 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. 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 regulate 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 drawing on the experiences gained through implementing successful privatization projects that have achieved privatization targets over 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 proposed privatization opportunities.”
In its first steps in this regard, the Kingdom places 16 sectors under the privatization system for the local and foreign private sector, and many specialists believe that the Saudi step in the field of privatization will have a significant impact on the national economy level, strengthening the relationship between the public and private sector and contributing to achieving the 2030 vision that The allocation system is one of its priorities.