Saudi Gazette report

RIYADH — A huge banking and investment group in the capital, including 67 banks and financial companies, was recently briefed on up to 100 potential privatization opportunities in the Saudi public sector.

Spokesman of the National Center for Privatization (NCP) Hani Al-Sayegh noted that the center is exploring more opportunities that can be privatized in government institutions.

There is a list of 100 current opportunities, he added, saying that the access of giant investment firms to privatization and the public-private partnership has been facilitated, Saudi Press Agency (SPA) said.

The gathering encompassed a number of executive managers of local and international banks as well as financial companies operating in the Kingdom.

The meeting showcased current investment opportunities to be issued from sectors targeted with privatization. It also shed light on the features and components of these sectors and presented the NCP’s plans to attract international and local investors to take part in the privatization opportunities.

Al-Sayegh affirmed that convening with banks and financial companies is vital because of their role as partners in boosting privatization and public-private partnership via funding, consultations, and producing innovative financial products.

“This is in an endeavor to speed up the process of offering the opportunities, which will contribute to achieving the goals of the privatization system and enable striking partnerships with and facilitating the entry of big companies to invest in the privatization projects and partner with the public and private sectors,” he said.

He stressed that banks play a positive role in stimulating international and local investments, introducing new prospects in the national economy, and upgrading services provided to citizens and residents.

Al-Sayegh said this was the third meeting for NCP with the business sector since the beginning of the year. The first was with businessmen in a number of commercial chambers in the Kingdom and then with businessmen in the Eastern Province.

The center aims to hold meetings with various business sectors to establish a knowledge base for the private sector and to support public-private partnerships, in addition to supporting privatization opportunities.