Development and Private Sector
One of the most important objectives of the national transformation program is to push the private sector to the development front with all its components, so that the sector becomes the spearhead in the settlement of development and operation after the completion of privatization programs for several government services, especially in the municipal, service and health sectors.
The recent report, published yesterday by "Riyadh", discussed the expected investments in Kingdom's infrastructure, underscoring this important role of the private sector. The report expected the Kingdom to spend USD 1.1 trillion in the period from 2019 to 2038, focusing on mining, electricity, water and transportation infrastructure, a matter which will stimulate economic growth, create jobs and support broader national strategies.
The report also demonstrated the International Monetary Fund (IMF)'s appraisal of the progress made in the implementation of structural reforms, the continued consultation with the private sector, progress in privatization plans and public-private partnerships, and the important role of the public sector within the next stage to be able to play a catalytic role in developing new sectors, without the private sector's crowding out.
The decision of the Council of Ministers during its session held yesterday by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz – God support him - approved the transfer of the "State Property Authority" into a public body called the "General Authority for State Real Estate", and its regulating arrangements, upon the recommendation of the Economic and Development Affairs Council to pour into the same direction that reduces the stages of development and government work in the private sector, or in a thinking that takes this sector as a way of work. This step will contribute to enhancing the State's revenues by investing large stocks of land in cooperation with the private sector as well.
The Saudi youth must realize that the private sector is the basis of development and resettlement stages in the forthcoming years. Thus, knowing the private sector's need of manpower is one of the most important and rapid employment opportunities, and the biggest in terms of revenue.