The Saudi Cabinet recently approved the transfer of its state-run postal services to a joint public-private sector company. The Kingdom’s Supreme Economic Council (SEC) approved the move as part of a series of decisions designed to speed up the pace of privatization in the country, reported Lebinvest.
The Saudi Post Establishment (SPE) will receive all of the General Post Department’s employees in addition to its total assets. Revenues from the privatization scheme will be used to pay part of the Kingdom’s $168 billion public debt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
