PHOTO
Saudi Arabia has set a minimum requirement for the establishment of a joint public-private sector venture at 200 million Saudi riyals ($53 million), according to the local press
The new requirement is part of new rules governing partnership projects between the government and the private sector within the Gulf Kingdom’s privatisation law, Okaz and other Saudi publications have reported.
The financial requirement for such ventures includes the project capital, operational costs, public assets in the project and estimated revenue for the government.
The paper said the partnership law also stipulated that those wishing to enter the partnership project must submit bids 10 days after the announcement of the project.
“The law is intended to lure in as many investors as possible …this will expand opportunities for Saudis to participate in investment projects and play a bigger role in the domestic economy,” the report said, adding that partnership projects must be for at least 30 years.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Disclaimer: This article 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. Read our full disclaimer policy here.
© ZAWYA 2022
