Yesterday, the Council of Economic Development and Affairs (CEDA) announced the official launch of the nation’s Privatization Program. The NCP-led initiative aims to boost the contribution of sectors to the national economy through a range of qualitative programs that seeks to transform the economy and make it more robust and dynamic.
“The Privatization Program aims to enhance competitiveness, elevate the quality of service and economic development, and improve the business environment through privatizing government services,” said Al Hokail. “It seeks to eliminate all obstacles that may limit the private sector from playing a larger role in the development of the Kingdom’s economy, including developing and operationalizing the legal system related to markets and businesses and drafting a public-private-partnership law that will protect the rights of both users and investors.”
“The Privatization Program is in the interest of Saudi citizens, will bring many benefits, and improve the investment climate,” said Al Hokail. “The program’s strong governance foundation effectively will be a strong pull factor for global investors and large corporations because it sets the guidelines that will make the program attractive. It will also allow the government to focus on overseeing and monitoring progress.”
Ultimately, NCP’s Privatization Program aims to help increase the percentage of private sector contribution to GDP from 40% to 65%.