Saudi Arabia’s Council of Economic Affairs and Development, chaired by Crown Prince Mohammed bin Salman approved Tuesday the implementation of a “Privatization Program”.
The Privatization Program has been named Delivery Plan 2020 and is part of the wider Saudi Vision 2030 Realization Program.
The program aims to build on the country’s national economy and improvement of services provided and made available to as many as possible. The program aims at increasing the employment opportunities of the national workforce, attracting the latest technologies and innovations and supporting the economic development by involving qualified enterprises in providing services.
“The program's initiatives will be implemented to take into account the interests of all beneficiaries and enhance the fairness of transactions with the private sector. The program will result in greater control over service providers to ensure that beneficiaries receive the best services. The government agencies will focus on their regulatory and supervisory role more efficiently. Domestic and foreign investments locally, as well as the program to increase competition and enhance the role of the private sector,” a statement on Saudi Press Agency read.
One of the most important goals set out by the privatization program is to contribute to the achievement of the objectives laid out under the Saudi Vision 2030 plan, including increasing the contribution of the private sector toward the national GDP from 40% to 65% by 2030, increasing the number of jobs and non-governmental investments, and increasing the quality of services to the largest number of beneficiaries.