Chinese Participation in Saudi Arabia’s Private-Sector Projects Set to Increase
Riyadh: Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, is paving the way for increased Chinese involvement in the Kingdom’s private-sector projects. Al-Jadaan recently held meetings with top officials in Beijing, discussing partnership opportunities with Chinese companies.
Building Strong Bilateral Relationships
During a roundtable meeting organized in collaboration with the Industrial and Commercial Bank of China, Al-Jadaan emphasized the strong bilateral relationship between Saudi Arabia and China. He highlighted the trust and ongoing collaboration across various sectors, showcasing the potential for future partnerships.
Advancing Privatization and Partnership Opportunities
The National Center for Privatization & PPP (NCP) has awarded over 60 privatization and partnership contracts in key sectors, with a capital investment exceeding $10 billion. Al-Jadaan highlighted the NCP’s proactive measures in fortifying the ecosystem, including the adoption of privatization laws and frameworks to expedite PPP projects.
Focus on Infrastructure Development
Participants in the meeting discussed the potential for PPP ventures in sectors such as construction, transportation, water management, and airport development. The ICBC’s role in showcasing privatization and partnership opportunities to Chinese investors was commended by the minister.
Driving the Vision 2030 Agenda
The NCP plays a crucial role in facilitating the privatization program, a key priority in the realization of Saudi Vision 2030. The center assists in drafting regulations, preparing government assets for privatization, and proposing sectors for potential improvement through private sector involvement.
Expanding Privatization and PPP Pipeline
In 2023, the NCP unveiled a privatization and PPP pipeline with 200 approved projects across 17 sectors, aligning with Vision 2030 objectives. The pipeline, encompassing over $50 billion in investments, signifies promising growth prospects with an additional 300 projects under evaluation.