Saudi Arabia starts privatizing telecommunications sector
Saudi Arabia, Economics, 9/10/2002

Saudi Arabia has announced it will give up before the end of this year 30% of its shares in the Saudi telecommunications company, in one of the largest privatization operation within 20 years.

Meantime, Riyadh made its last attempt to rescue the initiative of opening the gas sector. An initiative which has almost broken down because of the negotiation conflict started one year earlier between the kingdom and major world companies over the terms for the proposed gas projects.

A statement by the Saudi official news agency issued in conclusion of the weekly meeting for the Saudi government said that at least 20% of the shares which will be sold at 170 Saudi riyals ( $ 3.46 ) to Saudi citizens, while Saudi insurance and retirements funds will buy the remaining shares.

The Saudi government, on the other hand, decided to raise the capital of the Saudi telecommunications company to 15 billion Saudi riyals (1.4 billion dollars), to 12 billion riyals (3.3 billion dollars), according to the statement issued by the Saudi news agency.

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