Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Asharq Al-Awsat
Asharq Al-Awsat
Business
Seol - Asharq Al-Awsat

Saudi Arabia Evaluates 300 Projects for Potential Privatization

The Saudi Minister of Finance met with Korean officials in Seoul to review the progress of ongoing projects in the Kingdom. (Asharq Al-Awsat)

As South Korea recently announced its intention to encourage its companies to enter the Saudi market and seize the available opportunities, Saudi Minister of Finance Mohammed Al-Jadaan met on Wednesday in Seoul, with a consortium of South Korean companies, in the presence of Wong Hee-ryong, Korean Minister of Lands, Infrastructure and Transportation.

The Minister of Finance noted that the Kingdom’s privatization program was moving at an accelerated pace, and currently covered 200 projects in 17 sectors, with investments exceeding $50 billion.

He also unveiled ongoing work to evaluate 300 projects within the privatization program, pointing that Saudi Arabia has far completed 30 projects over the past five years.

Al-Jadaan went on to say that his country has adopted a modern framework for privatization and partnership projects between the public and private sectors, based on international best practices.

Those projects provide promising opportunities for Korean investors and suppliers, he noted, adding that the Kingdom was happy to welcome Korean investments, in a way to pushes bilateral relations forward.

Al-Jadaan also met Wednesday with the Korean Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho.

During the meeting, the two sides reviewed bilateral economic relations and discussed the developments of the global economy, including the ongoing challenges faced by many low-income countries, such as high inflation rates, rising lending costs, and food insecurity.

Talks during the meeting also touched on international financial issues, and the need to increase efforts to accelerate the Common Framework initiative, launched during the Kingdom’s G20 Presidency in 2020.

Al-Jadaan highlighted the progress made under Vision 2030 in the implementation of economic reforms and wide-ranging partnership projects between the public and private sectors.

The Saudi minister held a separate meeting with the Chairman and President of the Export-Import Bank of Korea, Hee-Sung Yoon. The two officials discussed the opportunities to enhance cooperation in common fields, in a way that contributes to raising the level of investment and trade between the two countries.

Al-Jadaan also provided an overview of the recent economic developments in the Kingdom, highlighting the positive outlook of the Saudi economy and the favorable investment opportunities.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.