Mohammed Al-Jadaan, the Saudi Minister of Finance, revealed that the Kingdom aims to raise approximately $55 billion over the next five years by expanding its privatization program as part of the Saudi Vision 2030. Al-Jadaan stated, according to the "Financial Times," that the Saudi government has identified 160 projects across 16 sectors for the upcoming five years, hoping to secure $38 billion through asset sales and $16.5 billion through public-private partnerships.
Additionally, the Saudi Minister of Finance mentioned that the funds raised from future additional stakes in "Aramco" will go to the Public Investment Fund rather than the general treasury. The Saudi Cabinet approved the privatization system last March. Al-Jadaan explained in statements published by the Saudi Press Agency that Vision 2030 aims to enhance investment in the national economy, create attractive investment opportunities for the private sector, and increase its contribution to the GDP to strengthen the sustainability of the Kingdom's economy.
There will be privatization initiatives launched that are intended to be a new source of revenue for the country's economy by granting certain government services to both local and international private sectors in 16 targeted governmental sectors, aligning with the goals of Vision 2030 to improve the balance of payments and raise the private sector's contribution from 40% to 65% of the GDP.
