The Kingdom of Saudi Arabia intends to raise billions of riyals during the next four or five years through the privatization of its assets, as part of plans to increase funds after the decline in oil prices. p>

According to Arabia Net, Saudi Finance Minister Mohamed Al-Jadaan said during the Bloomberg Virtual Summit held today, Wednesday, that the Kingdom is seeking to sell assets in the education, health care and water sectors. .

The kingdom raised about $ 30 billion from Aramco's stock offering last year, and it currently sold two mills, but plans to allocate the largest sectors of the economy, which have been announced since Years, slow down.

He explained that the government takes into consideration all options to increase its funding. While he excluded the application of a tax at the present time, as it requires more time to prepare, the Kingdom does not plan anything in this regard now.

Al-Jadaan pointed out that Saudi Arabia is not in a state of austerity, and it has not entered the austerity phase. And while the government has reallocated some expenses, the total expenses will exceed one trillion riyals this year as planned, according to Al-Jadaan.

He explained that the Kingdom is expected to borrow about 100 billion riyals more than planned this year, and is seeking to knock on the doors of the global debt market at least once more during This year, after selling $ 12 billion in international bonds this year.

Al-Jadaan emphasized that the Saudi Public Investment Fund will continue to enhance its global investments.

<150 billion riyals, or about $ 40 billion, were transferred from the foreign reserves of the Saudi Arabian Monetary Agency to the Public Investment Fund exceptionally during the months of March and April of this. Year.

The Saudi Public Investment Fund took stakes of at least $ 7.7 billion in a number of major American and European companies during the first three months of this year, benefiting from a strong decline in The evaluations of these companies are exacerbated by the repercussions of the Corona pandemic.

A disclosure to the American Securities and Exchange Commission showed that the Public Investment Fund raised its holdings of American shares in its portfolio to $ 10 billion from two billion dollars at the beginning of the year, by buying shares On Facebook, Boeing, Citigroup and Bank of America.

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