Saudi Arabia aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatization programme by 2020 and create up to 12,000 jobs.
The initiative targets 14 public-private partnership investments worth 24 billion to 28 billion riyals. It includes the corporatization of Saudi ports and the privatization of the production sector at the Saudi Saline Water Conversion Corp and the Ras Al Khair desalination and power plant. The full programme has over 100 potential initiatives in more than 10 sectors.
It was announced by the Economy Ministry of the country that the privatization programme targets to strengthen competition, raise the quality of services and economic development, improve the business environment, and remove obstacles that prevent the private sector from playing a bigger role in the kingdom's development.
The government also said it plans to raise about $200 billion through privatization in coming years as part of "Vision 2030" reforms that aim to transform the economy of the world's top oil exporter. It separately wants to raise another $100 billion through the sale of a five percent stake in Saudi Aramco.