Saudi Council of Minister approves the Insurance of the Privatisation Regulation
Via Council of Ministers Resolution No. (308) dated 18/07/1437 AH (25/04/2016 AD), the Saudi Arabian government declared its "Vision 2030" proposal ("Vision 2030"). Vision 2030 encapsulates plans and development projects for the Kingdom's economy, culture, and legal system to be transformed. Crown Prince Muhammad Bin Salman's Council of Economic and Development Affairs ("CEDA") approved the "Privatization Program (Delivery Plan 2020): A Saudi Vision 2030 Realization Program" in April 2018. (the "VRP"). Regulatory reforms are crucial to their successful implementation.
The National Centre for Privatization ("NCP") was created with the goal of facilitating the privatization program by assisting in the development of legislation, the creation of a strategic structure for privatization, and the preparation of government assets and services for privatization. The NCP recently completed a draft of the Privatization Law (the draft Privatisation Regulation). In July 2018, it was made available for public comment. Since then, the market has been waiting for the new Privatization Regulation to be issued (the "PR")
The new Privatization Legislation and related resolutions have been issued.
Resolution 436 of the Council of Ministers, dated 03/08/1441 AH (17/03/2021 AD), implemented a range of crucial institutional reforms in the field of privatization that were expected in the sector. The aim of these reforms was to modernize and update the regulatory framework that governs privatization. It also explained the Kingdom's privatization regulatory and strategic plans, repealing a number of older decrees and policies and reiterating the plans placed in place under Vision 2030