Arab News, Saturday, Mar 11, 2023 | Sha'ban 19, 1444
Saudi privatization program records investments over $50bn
Saudi Arabia: The pace of Saudi
Arabia’s privatization program is accelerating with investments now exceeding
$50 billion, Mohammed Al-Jadaan, the minister of finance and chairman of the
National Center for Privatization Projects, has revealed.
During his participation in the roundtable
discussions with consortia of South Korean firms in Seoul, Al-Jadaan pointed out
that the investments are being seen in 200 projects across 17 sectors.
The program’s pipeline also includes another 300
projects currently under evaluation.
Even though the government started the journey of
privatization and partnership between the public and private sectors recently,
it has achieved significant goals during the short period of time, the minister
This comes as the Kingdom’s privatization program
— which is the largest and widest in the Middle East — has completed the
privatization of 30 projects during the past five years, he exposed.
Al-Jadaan went on to demonstrate the depth of the
relationship between Korean investors and the system of privatization and
partnership projects between the public and private sectors in Saudi Arabia.
“The Kingdom has adopted a modern framework for
privatization and partnership projects between the public and private sectors
that is flexible and based on international best practices,” the finance
The current projects across different sectors in
the Kingdom and the privatization and partnership program in South Korea share
some common areas in terms of providing investment opportunities that are
proportionate with the firms’ expertise and capabilities.
Saudi Arabia is seeking the presence of more
Korean companies in the Kingdom in order to benefit from their respective
expertise and resources in the privatization and partnership program, as well as
to consolidate strong and close relations between the two countries, he
In November, Saudi Arabia and South Korea agreed
to increase cooperation in the field of renewable energy, clean hydrogen, and
electricity, according to the Saudi Press Agency.
This came during a virtual meeting held between
Saudi Minister of Energy Prince Abdulaziz bin Salman and South Korean Minister
of Trade, Industry and Energy Lee Chang-yang on Nov. 2.