Riyadh: National Center for Privatization and PPP (NCP) Board of Directors approved the Private Sector Participation (PSP) Law Implementing Regulations that were recently published in the official newspaper Umm Al-Qura and the NCP website. Developed according to international practices and local experiences, as per the NCP Board approval, the Implementing Regulations replace the Privatization Projects Manual and the Rules of Conduct of the Supervisory Committees of Privatization Targeted Sectors. The Implementing Regulations are a major component of the PSP regulatory framework which includes the PSP Law, its Governing Rules and the NCP Regulation.
The Implementation Regulations will govern PSP projects processes and the progress of implementing them. Also, it includes the detailed provisions required to implement the PSP Law, and the detailed framework governing the entities participating in PSP projects. The Regulation determines the principles that should be taken in to consideration in implementing projects that include fairness, transparency, contract enforcement, planning and feasibility. Furthermore, the Implementing Regulations set the regulatory standards for PSP Projects studies and preparation of the Project Business Case that forms a cornerstone for the government decision to approve the project. In Addition, the Regulations of the PSP Law define the requirements of the tendering process ensuring real competition and protects public interest and integrity and fairness in awarding procedures. Also, It provides provisions that ensure all participants are dealt with fairly and avoids any conflict of interest. Moreover, it includes provisions to govern the contract management phase, monitor executing the project and the obligations on the private sector party towards the contract especially that PPP contract could extend beyond 30 years.
With the approval of the Implementing Regulations, a main supporting pillar has been added to the PSP regulatory ecosystem that will increase the number of projects, speed up procedures and processes, and mitigate risks. In addition, it will encourage investors to increase their participation in tendered opportunities and play a wider role in economic development and increase private sector contribution to GDP, thus achieving Saudi Vision 2030 goals in unlocking state-owned assets to the private sector and privatizing selected government services.
-Ends-
For more information please contact: media@ncp.gov.sa
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
