PSP law to bolster private sector participation in Saudi economy: Al-Jadaan

Mohammed Al-Jadaan, Minister of Finance

Mohammed Al-Jadaan, Minister of Finance, Chairman of the Privatization Program Committee, and Chairman of the board of directors of the National Center for Privatization & PPP (NCP), said that the private sector participation (PSP) law will enhance the role of private sector in the Saudi economy and provide it with more investment opportunities through organizing the procedures related to the privatization projects. 

The law will facilitate such opportunities to the private sector in a transparent, fair, and impartial manner, in addition to raising the level of comprehensiveness, quality of services and efficiency of assets related to the privatization projects, and improving the level of management, Saudi Press Agency reported. 

The PSP law aims to create an environment allowing to raise the size and level of services provided to citizens and residents, as well as establish the necessary flexibility in the regulatory and investment environment for the privatization projects in the Kingdom. 

"This will accordingly support and enhance the implementation of these projects within an attractive and stimulating regulatory and investment environment for investment in the short and long-term," the minister said. 

Al-Jadaan indicated that the law will contribute to enhancing economic growth through supporting the launch of PPP&P initiatives, projects, and partnership between the public and private investors, whether local or foreign. 

NCP will implement PPP&P initiatives and opportunities in 16 sectors to provide the best services, in line with Vision 2030. 

According to data compiled by Argaam, the Saudi Cabinet, in a meeting chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud today, March 17, approved the private sector participation law. 

Al-Jadaan earlier said that privatization will increase by 20% in 2021 in Saudi industries such as water, healthcare and waste treatment, renewable energy, and other sectors.