|15 June, 2019

Saudi crown prince says to finalise $533mln privatisation deals this year: Asharq al-Awsat

The privatisation drive is part of Vision 2030

Saudi Crown Prince Mohammed bin Salman meets with U.S. Secretary of State Mike Pompeo in Riyadh, Saudi Arabia January 14, 2019. Andrew Caballero-Reynolds/Pool via REUTERS

Saudi Crown Prince Mohammed bin Salman meets with U.S. Secretary of State Mike Pompeo in Riyadh, Saudi Arabia January 14, 2019. Andrew Caballero-Reynolds/Pool via REUTERS

RIYADH: Saudi Arabia's crown prince said on Sunday that the government will finalise privatisation deals worth 2 billion riyals ($533 million) before the end of this year, according to an interview with the Saudi-owned Asharq al-Awsat newspaper.

The government will next year offer privatisation projects in the education sector with investments worth around 1 billion riyals, according to the interview.

The privatisation drive is part of Vision 2030, a package of reforms led by Crown Prince Mohammed bin Salman that is intended to wean the economy off oil and create jobs for young Saudis.

The prince said the kingdom's sovereign wealth fund (PIF) is playing a major role in the economic diversification process and that its assets has doubled in two years to 1 trillion riyals.

(Reporting by Marwa Rashad; Editing by Daniel Wallis) ((marwa.rashad@thomsonreuters.com; +966114632603 ; Reuters Messaging: marwa.rashad.thomsonreuters.com@reuters.net))

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