Riyadh approves privatisation plan
Saudi ArabiaÕs highest economic policy-making body yesterday endorsed a privatisation strategy among a series of decisions aimed at boosting the role of the private sector.
The Supreme Economic Council, meeting under Crown Prince Abdullah bin Abdul Aziz, also decided to invite the private sector into a multi-billion-dollar railway project, council secretary general Abdul Aziz Al Tuwaijri said.
The strategy features the Òobjectives and policies of privatisation in Saudi Arabia, as well as methods, regulations and administrative procedures to implement the privatization program,Ó Tuwaijri said in a statement that gave no further details.
The council also agreed to transfer the government-run postal services to an establishment run jointly by the private and public sectors as a prelude to its privatisation. The council, meeting for the first time in seven months, approved setting up the Petroleum Services Co., a holding company to develop a domestic energy services industry with a capital of some $200 million.
n DUBAI: Saudi Arabia has approved regulations, allowing the privatisation of some state hospitals and imposing mandatory health insurance on millions of foreign workers. The official SPA news agency quoted Information Minister Fouad bin Abdulaalam Farisi as saying the Cabinet also decided to set up a council to chart out the kingdomÕs health strategy. Ð Agencies
