Sales proces­s will take longer than expect­ed, says Saudi banker­DUBAI / RIYADH: Saudi Arabia’s $300-billion privatisation programme was billed as the sale of the century when Crown Prince Mohammed bin Salman unveiled his plan to great fanfare. The centrepiece listing of state oil company Saudi Aramco – expected alone to raise up to $100 billion – is on track to go ahead next year, Prince Mohammed told Reuters in October. Sectors where the privatisation process has been slow include grains, the postal service and healthcare. “It’s going to take longer (than many expected),” a Saudi banker who has worked on transactions told Reuters. Prospective bidders for the kingdom’s state-owned grain mills have complained of an unwieldy sale process and onerous ownership rules.

Source: The Express Tribune December 01, 2017 09:00 UTC