Saudi Arabia Evaluates 300 Projects for Potential Privatization

 The Saudi Minister of Finance met with Korean officials in Seoul to review the progress of ongoing projects in the Kingdom. (Asharq Al-Awsat)
The Saudi Minister of Finance met with Korean officials in Seoul to review the progress of ongoing projects in the Kingdom. (Asharq Al-Awsat)
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Saudi Arabia Evaluates 300 Projects for Potential Privatization

 The Saudi Minister of Finance met with Korean officials in Seoul to review the progress of ongoing projects in the Kingdom. (Asharq Al-Awsat)
The Saudi Minister of Finance met with Korean officials in Seoul to review the progress of ongoing projects in the Kingdom. (Asharq Al-Awsat)

As South Korea recently announced its intention to encourage its companies to enter the Saudi market and seize the available opportunities, Saudi Minister of Finance Mohammed Al-Jadaan met on Wednesday in Seoul, with a consortium of South Korean companies, in the presence of Wong Hee-ryong, Korean Minister of Lands, Infrastructure and Transportation.

The Minister of Finance noted that the Kingdom’s privatization program was moving at an accelerated pace, and currently covered 200 projects in 17 sectors, with investments exceeding $50 billion.

He also unveiled ongoing work to evaluate 300 projects within the privatization program, pointing that Saudi Arabia has far completed 30 projects over the past five years.

Al-Jadaan went on to say that his country has adopted a modern framework for privatization and partnership projects between the public and private sectors, based on international best practices.

Those projects provide promising opportunities for Korean investors and suppliers, he noted, adding that the Kingdom was happy to welcome Korean investments, in a way to pushes bilateral relations forward.

Al-Jadaan also met Wednesday with the Korean Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho.

During the meeting, the two sides reviewed bilateral economic relations and discussed the developments of the global economy, including the ongoing challenges faced by many low-income countries, such as high inflation rates, rising lending costs, and food insecurity.

Talks during the meeting also touched on international financial issues, and the need to increase efforts to accelerate the Common Framework initiative, launched during the Kingdom’s G20 Presidency in 2020.

Al-Jadaan highlighted the progress made under Vision 2030 in the implementation of economic reforms and wide-ranging partnership projects between the public and private sectors.

The Saudi minister held a separate meeting with the Chairman and President of the Export-Import Bank of Korea, Hee-Sung Yoon. The two officials discussed the opportunities to enhance cooperation in common fields, in a way that contributes to raising the level of investment and trade between the two countries.

Al-Jadaan also provided an overview of the recent economic developments in the Kingdom, highlighting the positive outlook of the Saudi economy and the favorable investment opportunities.



Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.