The Saudi Council of Economics and Development Affairs recently approved a privatization initiative as part of the kingdom’s 12 strategic objectives towards the attainment of its Vision 2030 blueprint.
According to reports from the Saudi press agency, the government plans to raise about $200 billion through privatization in the coming years as part of the vision seeking to remove the kingdom’s dependence of oil. Saudi Arabia is initiating reforms that aim to revamp the economy of the top fossil fuel exporter in the world.
The kingdom also intends to separately raise another $100 billion through the sale of a five per cent in Saudi Aramco, the second largest oil company in the world.
Economy Minister Mohammed Al Tuwaijri said in a statement that the privatization program aims to make the competition more strong, raise the quality of services and economic development while also improving the business environment. The reforms also intend to remove the obstacles that prevent the private sector from actively taking on a bigger role in the economic and political development of the kingdom.
According to reports, the kingdom also intends to privatize the national football league, flour mills at the General Silos, some projects of the Saline Water Conservation Corp of Saudi Arabia, some services in the transportation sector as well as transform King Faisal Specialist Hospital and Research Centre into a non-profit organization.
In the meantime, the Saudi government is about to launch 30 solar and wind projects worth about $50 billion in its drive to go green. The largest oil exporter of the world is working to incorporate renewable sources of energy on its grid to free up crude for expert.