Saudi Arabia Evaluates 300 Projects for Potential Privatization

Saudi Arabia Evaluates 300 Projects for Potential Privatization

As South Korea recently announced its intention to encourage its companies to enter the Saudi market and seize the available opportunities, Saudi Minister of Finance Mohammed Al-Jadaan met on Wednesday in Seoul, with a consortium of South Korean companies, in the presence of Wong Hee-ryong, Korean Minister of Lands, Infrastructure and Transportation.

The Minister of Finance noted that the Kingdom’s privatization program was moving at an accelerated pace, and currently covered 200 projects in 17 sectors, with investments exceeding $50 billion.

He also unveiled ongoing work to evaluate 300 projects within the privatization program, pointing that Saudi Arabia has far completed 30 projects over the past five years.

Al-Jadaan went on to say that his country has adopted a modern framework for privatization and partnership projects between the public and private sectors, based on international best practices.

Those projects provide promising opportunities for Korean investors and suppliers, he noted, adding that the Kingdom was happy to welcome Korean investments, in a way to pushes bilateral relations forward.

Al-Jadaan also met Wednesday with the Korean Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho.

During the meeting, the two sides reviewed bilateral economic relations and discussed the developments of the global economy, including the ongoing