World Economy

Saudi Privatizations

Saudi PrivatizationsSaudi Privatizations

A new government policy-making council in Saudi Arabia may accelerate privatizations of state-owned companies, Saudi Stock Exchange chief executive Adel Al-Ghamdi said, TradeArabia reported. The Council of Economic and Development Affairs, comprising top officials, was created by King Salman when he took the throne in January. Al-Ghamdi, speaking at a major financial conference a day after the Capital Market Authority released rules allowing direct foreign investment in the Saudi stock market, said he believed 10 companies might be possible candidates for privatization. He did not name them. “There will be plenty of demand (from companies) for IPOs going forward,” Al-Ghamdi said, adding later that he was not speaking with knowledge of the council’s deliberations.