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.



Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
TT
20

Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.