Saudi Arabia to widen privatisation scope, finance minister says - Reuters:
Saudi Arabia will look to sell assets in sectors not previously considered for privatisation, the country’s finance minister said on Wednesday, as the country contends with the economic impact of sustained low oil prices.
Saudi Arabia, the world’s largest oil exporter, is facing a sharp recession because of the coronavirus crisis and depleted oil revenues.
The International Monetary Fund has forecast a 6.8% contraction this year, but Finance Minister Mohammed al-Jadaan said at Bloomberg event that he expects the economy to contract less than that.
“A lot of factors work in our favour ... local and domestic tourism for example is picking up very nicely this month,” he said.
Saudi Arabia has planned a series of privatisations in recent years, including the initial public offering of state-owned oil giant Aramco, which took place last year.
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