NCP inks deal with Al-Rajhi Bank to drive public-private partnership

RIYADH: Saudi Arabia is fostering synergies between the public and private sectors, with the National Center for Privatization signing an agreement with Al-Rajhi Bank on Sunday.    

The deal focuses on improving opportunities around privatization and public-private partnerships for local and international investors.   

The accord was signed by Hani Al-Saigh, vice president for strategic marketing and knowledge management at the NCP and Hossam Al-Basrawi, the general manager of corporate banking at Al-Rajhi Bank. 

This project involves driving market research, financial guidance, local and international marketing consultancy as well as events management, training programs and knowledge development. 

Al-Saigh stressed that this partnership is part of a series of collaborative relationships established by the NCP with local and international banks and financial organizations.   

In May, the NCP signed a collaboration deal with the Industrial and Commercial Bank of China, the world’s largest bank with $5 trillion in assets, 8 million corporate clients and 650 million retail users. 

NCP CEO Mohannad bin Basodan announced that the deal with ICBC was the sixth agreement reached with local and foreign banks. 

He further said at that time that the ICBC’s support would significantly bolster the NCP’s role in strengthening PPP as such institutions play a pivotal role in the success of privatization in the Kingdom. 

In April, NCP announced the launch of its privatization and PPP pipeline, comprising 200 approved projects across 17 sectors, which aligns with the goals of Vision 2030 to increase the private sector’s contribution to the gross domestic product from 40 percent to 65 percent by 2030.  

The current pipeline includes over $50 billion in investments, with an additional 300 projects under evaluation, indicating further growth potential.  

The approved projects also included the development of the airports of Abha, Taif, Hail and Qassim. 

Privatization is pivotal in Saudi Arabia’s Vision 2030 strategy, showcasing remarkable progress with the successful privatization of 30 projects over the past five years.  

This approach has also created significant opportunities for domestic and international investors to engage in the Kingdom’s flourishing economic sectors actively.