Saudi Arabia hires HSBC for several privatization projects

Saudi Arabia has mandated HSBC to advise on several privatization projects, Samir Assaf, HSBC’s chief executive of global banking and markets, said on Wednesday at the Euromoney 2018 Conference held in Riyadh.

More details about the projects will be revealed soon, Assaf said, noting that HSBC was “very much contributing to the privatization program.”

The Kingdom has huge potential in further developing a trade corridor with Asia, he added.

“The privatization program shows that Saudi is serious about future and open for business to international institutions. I see the privatization program as cornerstone of vision 2030,” Assaf said.

Late in April, Saudi Arabia's Council of Economic and Development Affairs approved the executive plan for the Kingdom's Privatization Program, Argaam reported.

The Kingdom aims to generate between SAR 35 billion and SAR 40 billion in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs.