Saudi Arabia seeks to raise $55 bln through privatization in next 4 years: Al-Jadaan

Mohammed Al-Jadaan, Minister of Finance

Saudi Arabia aims to raise around $55 billion over the next four years as it plans to step up its privatization program, with the government looking to increase revenue and reduce its budget deficit, Mohammed Al-Jadaan, Minister of Finance, told the Financial Times.

Al-Jadaan expects to secure $38 billion through asset sales and $16.5 billion through public-private partnerships.

On the other hand, he said that the funds raised through any future sale of Saudi Aramco shares would go to the Public Investment Fund (PIF), to diversify the economy, not to the treasury.

Saudi Arabia identified a portfolio of 160 projects in 16 sectors, including asset sales and public-private partnerships, through 2025, the Saudi minister noted.

Last March, the Saudi Cabinet approved the private sector participation (PSP) law, Argaam reported. 

The 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.