Saudi Arabia aims to earn more than $4bn from privatization drive in 2021: CEO

Saudi Arabia aims to earn more than $4bn from privatization drive in 2021: CEO

RIYADH (RAHNUMA): The National Center for Privatization (NCP) will soon issue the privatization law, which will accelerate the implementation pace of the industry projects, chief executive Rayyan Nagadi said in a TV interview.

“This law will represent a major transition in terms of shortening the project timeframe. I hope projects, which may take two to three years, can be carried out in less than half or one third of the schedule,” Nagadi indicated.

NCP raised SR3 billion ($800 million) in revenue from sale of the state assets in 2020, Nagadi said, expecting the center to make approximately SR15 billion ($4 billion) or more in 2021.

NCP can even make higher revenues over the coming years, upon its role in the listing of governmental assets on the Saudi Stock Exchange (Tadawul), he added.

“The Kingdom’s privatization plan does not only target infrastructure projects and assets sale, but also comprises the listing of government assets to be privatised on Tadawul following an IPO,” Nagadi explained.

The government plan also implies building new schools, water and sewage plants, transport network, in addition to expanding the health care facilities.

NCP, which focuses on 10 business sectors only, plays a major role in providing the necessary legislative proposals for the privatization plan, in addition to supporting the government entities in mapping out and implementing the privatization strategies.

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