Arab News, Saturday, Jan 08, 2022 | Jamada Al-Aakhirah 5, 1443
New privatization rules signed off in Saudi Arabia to encourage investors
Saudi Arabia:
Fairness, transparency, and feasibility will now
all be taken into consideration before private public partnerships are given the
green light in Saudi Arabia after a law change was signed off.
The National Center for Privatization and PPP have
approved a new set of rules which govern how such agreements are reached.
The Private Sector Participation Law Implementing
Regulations will also require there to be real competition in the tendering
process and make sure the public interest is protected.
The new laws also provide provisions that ensure
all participants are dealt with fairly and any conflict of interest is avoided.
The change has been made in a bid to encourage
investors to bid for contracts and therefore increase private sector
contribution to Saudi Arabia’s gross domestic product.
It is also a key aim of Saudi Vision 2030 to
unlock state-owned assets to the private sector and privatize selected
government services.
The new rules were first published in the official
newspaper Umm Al-Qura.