Saudi economic council approves new reforms

22/03/2016 Argaam

Saudi Arabia’s Council of Economic and Development Affairs (CEDA) has approved about 133 recommendations focused on improving business competitiveness within the kingdom, Reuters reported, citing Abdullatif al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA) said.

 

“They are very low hanging fruit but major initiatives that will be announced within the next six months. You will see major decisions on very critical issues that are of interest for both local and international investors,” Othman was quoted as saying at a news conference on Tuesday.

 

The recommendations, part of the National Transformation Plan (NTP) revealed in December, will be announced in the next six months.

 

CEDA is overseeing NTP, which will introduce reforms to the kingdom’s economy as it moves away from dependence on hydrocarbon revenue amid slumping oil prices. Privatization of state assets and subsidy reductions are part of the anticipated changes. 

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