Saudi to finalise $533m privatisation deals this year

By June 20, 2019News

The Saudi Arabian Crown Prince said on Sunday that the government will finalise privatisation deals worth SAR2bn ($533m) by the end of the year. The deals will be in sectors that include rain silos, medical and shipping services.

The privatisation program is part of the Vision 2030 and aims to help diversify the Saudi economy away from oil and create more jobs for young Saudis.

The government are expecting to offer privatisation deals in education next year, worth SAR1bn; and aim to attract investment into as many areas as possible.

Riyadh aimed to raise SAR35 to SAR40 billion ($9.3bn to $10bn) in non oil state revenues through the privatisation program by 2020; through a combination of asset sales and public-private partnerships.

Although there has been a slow start, the Saudi Aramco IPO is still set to take place, tentatively between 2020 or 2021, according to the Crown Prince.