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100 Chinese Companies to Enter Privatization Projects in Saudi Arabia

100 Chinese Companies to Enter Privatization Projects in Saudi Arabia

Tuesday, 20 April, 2021 - 10:45
Saudi Arabia's National Agricultural Development Company (NADEC) teams up with OLAM International Limited, Al Rajhi International for Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment, to bid for one of two mills being privatized in the kingdom | Asharq Al-Awsat

A virtual forum held by Saudi Arabia’s National Center for Privatization & PPP (NCP) on Monday was attended by 100 Chinese investors and companies interested in privatization projects in the kingdom.


The forum comes as part of NCP’s periodic meetings and interaction plan with all local and international investors, according to a statement released by the Saudi Press Agency (SPA).


Enhancing ties between the NCP and Chinese companies and investors in various sectors was a core objective of the forum, noted NCP Strategic Communication & Marketing Director General Hani Al-Saigh.


More so, the meeting looked to encourage Chinese investors and companies to take part in privatization projects in Saudi Arabia.


The event, according to Saigh, also aimed at shedding light on the most important targeted sectors in privatization and investment opportunities in them, which could play a significant role in enriching the attractiveness of direct foreign investments in the kingdom.


In other news, Saudi Arabia's National Agricultural Development Company (NADEC) is part of a consortium that has bid for a privatized flour mill in the Kingdom.


It has teamed up with OLAM International Limited, Al Rajhi International for Investment, and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment, to bid for one of two mills being privatized, the company said in a stock exchange filing.


The two mills are being offered for privatization by the Saudi Grains Organization.


NADEC said it has agreed to a "term sheet" relating to the creation of a limited liability company to acquire the mill should its bid be successful.


The potential acquisition would be financed through a combination of self-financing by the consortium members and borrowing from local banks, it said.


Saudi Arabia is accelerating plans to privatize key infrastructure in an effort to modernize the economy, speed major infrastructure works, and develop its financial services sector.


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