Saudi Arabia adopts privatization prog. – SPA

RIYADH, Saudi Arabia’s Economic and Development Council approved Tuesday a privatization program which aimed at boosting national economy and improving services, part of the Kingdom’s 2030 Vision.

The new program, adopted during a council session chaired by Crown Prince Mohammad bin Salman, will be creating more jobs, using state-of-art technology, supporting innovations and economic development by involving the private sector, Saudi Press Agency (SPA) reported.

The program will offer incentives to attract local and foreign capitals, as well as promoting a competitive environment.

It will increase private sector’s contribution to GDP from current 40 percent to 65 percent by the year 2030.

The private sector will have a bigger role in infrastructure and services in sectors of energy, water, transport, communications, finance and petrochemicals, according to the program.

The council will need to carry out legislative and institutional changes to pave way for the implementation of the program.

Source: Kuwait News Agency