Saudi Arabia to widen scope of privatisations, finance minister says

Saudi Arabia will look to sell assets in sectors that were not previously considered for privatisation, such as healthcare and education, the country’s finance minister said on Wednesday.

Speaking at a Bloomberg event, Mohammed al-Jadaan said privatisations will likely generate north of $50 billion in the next four to five years.

The International Monetary Fund has forecast a 6.8% contraction this year. Jadaan did not provide a number, but said he expected the economy to contract less than that.

July data were promising for the prospects of economic recovery in the kingdom, he said, but the outlook remains uncertain due to the pandemic.

Saudi Arabia tripled its value-added tax to 15% this month. Jadaan said there was no imminent plan to introduce an income tax, which would require more preparation, but he said nothing could be ruled out.




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