Saudis to push privatisation

Saudi Arabia is set to embark on an ambitious privatisation drive, unveiling specifications for 21 water and power projects.

    The Saudis decided last year to open up the economy

    Worth nearly $13 billion, details of the projects will be revealed on Monday to local and foreign investors attending a conference of the 100 top companies in the Gulf region.

    "The Saudi Electricity Company and the Water and Electricity Company will unveil specifications for 21 projects in the fields of power general and transmission and water desalination," the kingdom's Water and Electricity Minister, Ghazi bin Abd al-Rahman al-Qusaybi said.

    The kingdom last November had endorsed a plan to open up 20 vital sectors for local and foreign private investors in a bid to generate tens of billions of dollars to pay for a staggering public debt.

    Areas opened up to the private sector include telecommunications, water desalination, air transport, airport services, construction and management of highways, seaport services and local oil refineries.

    SOURCE: Agencies


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