With the signing of a contract between the National Center for Privatization and Al-Rajhi Bank, Saudi Arabia is promoting collaboration between the public and private sectors. The agreement focuses on enhancing prospects for domestic and foreign investors related to privatization and public-private partnerships.
Hani Al-Saigh, the NCP's vice president for strategic marketing and knowledge management, and Hossam Al-Basrawi, the Al-Rajhi Bank's general manager of corporate banking, inked the agreement. Driving market research, financial advice, local and international marketing consulting, event management, training programs, and knowledge growth are all part of this project.
Al-Saigh emphasized that this alliance is one of several cooperative connections the NCP has made with national and international banks and financial institutions. The Industrial and Commercial Bank of China, the largest bank in the world with $5 trillion in assets, 8 million corporate clients, and 650 million retail users, and the NCP signed a cooperative agreement in May.
The arrangement with ICBC, according to NCP CEO Mohannad bin Basodan, was the sixth one to be concluded with both domestic and foreign banks. At the time, he added that the ICBC's backing would considerably strengthen the NCP's role in bolstering PPP because these organizations are essential to the success of privatization in the Kingdom.
In April, NCP announced the beginning of its privatization and PPP pipeline, which consists of 200 approved projects across 17 sectors and is in accordance with Vision 2030's objectives to raise the private sector's share of the GDP from 40% to 65% by the year 2030. Over $50 billion in investments are currently in the pipeline, and another 300 projects are being considered, showing potential for much more growth.
The construction of the airports in Abha, Taif, Hail, and Qassim was also among the projects that were approved.