Saudi crown prince says seals $533mn privatization deals this year

by   |  VIEW 447

Saudi crown prince says seals $533mn privatization deals this year

On Sunday, the 16th of June 2019, the Saudi Crown Prince, Mohammed bin Salman said in an interview with the state-owned Asharq al-Awsat Newspaper that, the Kingdom of Saudi Arabia had finalized privatizations of multiple deals worth of $533 million (2 billion Saudi riyals).

In fact, the privatization deals were part of a Vision 2030 plan, a stack of reforms led by the crown prince himself intended to head off pressures on the nation’s heavily oil-dependent economy and to create job opportunities for the young Saudis.

According to the crown prince, the deal would involve sectors such as rain silos, shipping services and medical services, while the government had been exploring an option to offer privatization project in the education sectors with investment of up to 1 billion riyals.

None the less, previously, privatization attempts of Saudi government was aimed at generating around $9.3 billion to $10 billion on non-oil revenues by 2020, however, the move had witnessed a false start, while the highest profile had been Saudi oil giant Aramco.

Apart from that, the Saudi crown prince, Mohammed bin Salman, known as MBS, said that the Kingdom of Saudi Arabia’s sovereign wealth fund had been playing a key part on privatization an economic diversification process, while assets were doubled up over a period of two year to 1 trillion iRyals.