Heads of state, policymakers and heavyweights from the worlds of finance and technology are gathering in Riyadh this week. AFP
Heads of state, policymakers and heavyweights from the worlds of finance and technology are gathering in Riyadh this week. AFP
Heads of state, policymakers and heavyweights from the worlds of finance and technology are gathering in Riyadh this week. AFP
Heads of state, policymakers and heavyweights from the worlds of finance and technology are gathering in Riyadh this week. AFP

Saudi Arabia to offer investment stakes in four sectors in privatisation drive


Sarmad Khan
  • English
  • Arabic

Saudi Arabia, the biggest Arab economy, will offer international investors opportunities to snap up stakes in four sectors between now and the end of the first quarter of 2019 as it continues to push its economic reform agenda and monetise some of its state-owned assets, the Saudi economy minister said.

“Between now and the first quarter of 2019 we are going to introduce four opportunities, [including] in silos and grains, which is under the Ministry of Environment,” Mohammad Al Tuwaijri told the delegates on the final day of Future Investment Initiative (FII) conference in Riyadh. “We are also going to introduce some assets in education, schools. We are also going to introduce a couple of assets in healthcare, major institutions and some of the services of the healthcare [sector] and also some desalination plants.”

Some of the assets, he said, are “more ready than others” and the order of the state-owned assets in the privatisation pipeline depends on which sector they belong to. “This would be the first tranche,” Mr Al Tuwaijri said.

Saudi Arabia has embarked on a major economic overhaul of its economy in the wake of a three-year oil price slump which saw the crude prices falling from mid-2014 peak of $115 per barrel to less than $30 per barrel in the first quarter of 2016. The crude benchmark has since clawed back, breaching $80 per barrel in recent weeks. The kingdom, however, is pushing ahead with Vision 2030, a reform programme with privatisation of state assets as one of its main pillars.

Public float of Saudi Aramco, the world’s top oil producing company, that according to some estimates could fetch up to $100 billion in proceeds, is at the heart of the government’s privatisation drive.

Earlier this year Saudi Arabia delayed Aramco’s IPO, pending its planned merger with Sabic, the biggest petrochemicals producer in the Middle East. Saudi Arabia’s Crown Prince Mohammad Bin Salman, in an interview with Bloomberg said the Sabic acquisition has had a knock-on effect on Aramco so the deal would happen in late 2020 or early 2021.

Mr Al Tuwaijri on Thursday said that the IPO will take place whenever the government decides to proceed with it.

He estimated last year that Riyadh’s de-nationalisation drive could raise about $200bn, in addition to any Aramco IPO proceeds. Asked to comment on Thursday whether that figure is still achievable, the minister said it will depend on which assets are selected for privatisation and whether or not assets from the Public Investment Fund are included.  “The figure could vary but the market ultimately will decide.”

“The scale of this programme is significant and it deserves to take all efforts to prepare the infrastructure and prepare the eco-system for the private sector to engage in this,” Mr Al Tuwaijri said, when asked to comment on the slow pace of privatisation efforts.

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1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

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July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

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