Saudis Set for $11 Billion Asset-Sale Blitz After Slow Start - Bloomberg

Saudis Set for $11 Billion Asset-Sale Blitz After Slow Start - Bloomberg:

Saudi Arabia could be in for a busy year of asset sales if the kingdom sticks to its plans.

 The government hopes to generate about $11 billion by 2020 through its privatization program that includes the sale of stakes in utilities, soccer clubs, flour mills and medical facilities. The sales are key to the country’s efforts to wean the economy off oil, but so far have been dogged by delays - most notably the IPO of oil giant Aramco.

“With the current status of the initiatives and the progress the privatization Supervisory Committees are making, we see these as attainable targets,” according to the National Center for Privatization and PPP, which is responsible for most of the privatizations expect certain deals like Aramco and the stock exchange. “Progress in most cases is going according to schedule.”