The Saudi Supreme Economic Council (SEC) has approved a plan to increase economic openness in the Kingdom in order to boost foreign investment. Primary among the sectors slated for liberalization are insurance and electricity transmission and distribution.
In November 2002, the Saudi Government approved the privatization of 20 public enterprises and sectors. According to SEC Secretary General Abdulrahman Al-Tuwaijry foreign investment in the insurance market would be permitted after a series of new laws are finalized.
Seeking to service internal debt and narrow the budget deficit, the Saudi government has been shifting toward privatization policies in recent years. The buildup of government domestic debt rose to 92 percent of the gross domestic product (GDP) in 2001. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
