National Center for Privatization CEO: Privatization to Contribute in Developing Saudi Economy

A general view of Riyadh, Saudi Arabia. (Reuters)
A general view of Riyadh, Saudi Arabia. (Reuters)
TT
20

National Center for Privatization CEO: Privatization to Contribute in Developing Saudi Economy

A general view of Riyadh, Saudi Arabia. (Reuters)
A general view of Riyadh, Saudi Arabia. (Reuters)

Turki Abdulaziz al-Hokail, CEO of the National Center For Privatization & PPP (NCP), stated that privatization processes would contribute in developing the national economy and increasing the kingdom’s competency on the international level.

“Privatization would raise internal efficiency and productivity, enabling the kingdom to employ its human and material resources. This would boost the global competitive characteristics of Saudi Arabia,” said Hokail.

During his interview with Asharq Al-Awsat newspaper, he stated that the NCP is dedicated to carrying out its mission and creating an environment that urges expansion in the private sector via sustainable contribution in the national economy.

He noted that the center is “an effective member within an integral system that aims at completing privatization processes and achieving Saudi Vision 2030.”

Responding to a question on how the NCP contributes in achieving Saudi Vision 2030, Hokail replied that the vision is based on comprehensive efforts exerted by the state to update the Saudi economy via reviving the private sector, diversifying the sustainable economy, privatization, reforming labor market and capital markets, along with other basic components.

“These processes would contribute in enhancing the efficiency and performance levels of bodies that will be privatized. This would positively affect services that go in line with the needs of citizens and residents, increase job opportunities, diversify services and products and create a competitive environment. All these represent the basics of Saudi Vision 2030,” he explained.

Hokail stressed that the NCP works in partnership with all related bodies on implementing a package of privatization initiatives.

Speaking on the steps taken in the privatization process, he explained that a strategy is first devised for the sector to be privatized. Organizational, technical and institutional readiness are then ensured before deals are signed though holding and managing exhibitions and introductory events and programs with investors.

High-level of governance is being applied by the center through a long list of procedures and obligations that were determined to ensure the implementation of governance, he added.



Japan Cautions about Uncertainty from Trump Trade Policies

 Cyclists ride through an intersection as the Tokyo Skytree (C-behind) looms in the background in the Minowa area of Tokyo on April 15, 2025. (AFP)
Cyclists ride through an intersection as the Tokyo Skytree (C-behind) looms in the background in the Minowa area of Tokyo on April 15, 2025. (AFP)
TT
20

Japan Cautions about Uncertainty from Trump Trade Policies

 Cyclists ride through an intersection as the Tokyo Skytree (C-behind) looms in the background in the Minowa area of Tokyo on April 15, 2025. (AFP)
Cyclists ride through an intersection as the Tokyo Skytree (C-behind) looms in the background in the Minowa area of Tokyo on April 15, 2025. (AFP)

Japan's government warned of uncertainty over the impact of US trade policies as tariffs could hurt the global economy but it also said in a monthly report on Friday that the domestic economy was recovering moderately thanks to a solid corporate sector.

Tokyo also said the downside risks to its economic outlook were growing due to US President Donald Trump's tariffs and it warned of the impact of market volatility.

President Trump touted "big progress" in tariff talks with Japan on Wednesday, although it was only the one of the first rounds of face-to-face talks since he announced a barrage of duties on global imports, rocking markets and stoking recession fears. The two nations plan to hold a second meeting later this month.

"The economy is recovering moderately, while uncertainty is arising from US trade policies," Japan's Cabinet Office said in its monthly report for April, issued on Friday.

The government expects the economy to continue recovering but higher US tariffs could impact Japan via trade and market turmoil, it said.

"It is necessary to be more vigilant than before about the impact on the domestic and international economies," an official at the Cabinet Office said.

While consumer sentiment was weakening due to higher inflation - notably for daily necessities such as food, private consumption, which accounts for more than half of the economy, showed signs of picking up, the report said.

The government cut its view of corporate sentiment for the first time since March 2022, saying it was "almost flat" after a Bank of Japan survey showed big manufacturers' business sentiment worsened to a one-year low in the three months to March.