Saudi Arabia's crown prince said on Sunday that the government will finalis...
RIYADH - Saudi Arabia’s crown prince said on Sunday that the government will finalise privatisation deals worth 2 billion riyals before the end of this year, according to an interview with the Saudi-owned Asharq al-Awsat newspaper.
The privatisation drive is part of Vision 2030, a package of reforms led by Crown Prince Mohammed bin Salman that is intended to wean the economy off oil and create jobs for young Saudis.The government will next year offer privatisation projects in the education sector with investments worth around 1 billion riyals, according to the interview.
Riyadh had previously set a goal of aiming to generate 35 billion to 40 billion riyals of non-oil state revenues from its privatisation program by 2020. Some of that money would come from asset sales, while the rest would come from public-private partnerships. The crown prince, known as MbS, said the government remains committed to Aramco IPO, expecting it to take place between 2020 and early 2021.
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