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Saudi Arabia plans to strengthen the corporate sector

Saudi Arabia seeks to strengthen its economy and reputation on the world stage.

13.Dec.16 12:26 PM
By Anna Tuzova


Saudi Arabia plans to strengthen the corporate sector
The Kingdom has invited specialists, who would consult to establish and develop leading world companies in the area of petrochemical industries, telecommunications etc.

Experts will undertake the consultations on the five most important corporations for the Kingdom, such as Saudi Arabian Oil CO., Saudi Basic Industries Corp., Saudi Telecom Co., and identify measures to enhance their competitiveness in the world scene. Experts will explore the fields, in which Saudi Arabia could become the leading country.

Saudi Arabia seeks to emulate South Korea, whose company Samsung Electronics Co Ltd. has gained global recognition, and UAE, which merged two largest creditors – the National Bank of Abu Dhabi and First Gulf Bank and that made its financial area more competitive.

As future possible plans Saudi Arabia evaluates opportunities of selling non-core assets, owned by companies including Sabic, Aramco and Saudi’s Mining Co or Maaden, to lower the costs and help companies to focus on their basic business. 

Saudi Arabia plans to increase the role of private sector in such a way that the output which it provides would grow from 40 to 65 per cent.

The kingdom intends to undertake unprecedented number of reforms under the leadership of the crown prince’s deputy Mohammed bin Salman.

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