New Saudi law to boost private sector participation in 16 key areas

New Saudi law to boost private sector participation in 16 key areas

JEDDAH: The Saudi Cabinet has unveiled plans to privatize 16 key industries in a move aimed at boosting the private sector's involvement in the development of the Kingdom's economy. The initiative, part of the country's new private sector participation (PSP) program, was announced by Minister of Finance Mohammed Al-Jadaan, who also chairs the privatization program committee and board of the National Center for Privatization (NCP). "The Kingdom's Vision 2030 is concerned with enhancing investment in the national economy, creating attractive investment opportunities for the private sector, and increasing its contribution to the domestic product to enhance the sustainability of the Kingdom's economy," he said in a statement. The PSP law, approved during a virtual session of the Cabinet on Tuesday, has been designed to increase private sector collaboration in infrastructure projects and public services by supporting public-private partnerships (PPPs) and the privatization of public sector assets. "The issuance of the KSA national PSP law is a big achievement for the PPPs ecosystem in KSA and is in line with advanced global models that have dedicated laws to govern PPPs," said Ramzi El-Khoury, partner for government and economic development in the Middle East and Africa at management consultant Kearney. “¢ PPPs