Saudi Arabia seeks to speed privatisations to help ease deficit
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Saudi Arabia seeks to speed privatisations to help ease deficit
Saudi Arabia raised $800m from the recent sale of two flour mills, which followed two other mill sales of $740m last year
April 22, 2021
Saudi Arabia is hoping to speed up privatisations to narrow a budget deficit that ballooned last year due to the pandemic and a slump in oil revenue.
The kingdom aims to strike around SAR15bn ($4bn) worth of infrastructure deals with private investors this year, the head of the National Center for Privatisation, Rayyan Nagadi, said in an interview. That would be the most since the body was established to accelerate privatisations in 2017. It also aims to complete several asset sales this year, he said, declining to give a value for how much could be raised.