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(回答先: Saudi prince says the kingdom is at a crossroads(Daily Star) 投稿者 天地 日時 2004 年 5 月 21 日 06:38:58)
Saudi government presses ahead with privatization(Daily Star)
By Agence France Presse (AFP)
Thursday, May 20, 2004
RIYADH: The body in charge of economic reforms in oil-rich Saudi Arabia decided Tuesday to privatize the state-owned mining company and float government shares in the country's main insurance firm.
A meeting of the Supreme Economic Council (SEC) chaired by Crown Prince and de facto ruler Abdullah bin Abdel-Aziz "approved the major steps to privatize the Maaden company," the official SPA news agency said, quoting the council's secretary-general, Abdel-Rahman al-Tuwaijri.
Tuwaijri said the council had also agreed to sell all the state's shares in the National Company for Cooperative Insurance (NCCI) to the public.
The shares are held through the Public Investment Fund, Tuwaijri said, adding that required procedural measures would be taken to implement the two decisions, part of moves to liberalize the economy.
The SEC, the kingdom's highest economic decision-making body, oversees an ambitious reform plan that involves opening up vital sectors to local and foreign private investors.
Maaden, wholly owned by the Oil Ministry, was set up in 1997 with a capital of $1 billion to utilize the rich mineral resources in Saudi Arabia. The company, which is involved in huge projects, is estimated to be worth several billion dollars.
The Public Investment Fund owns 50 percent of NCCI, which has a paid-up capital of 250 million riyals ($66.7 million), but economists believe government shares will be valued more once offloaded.
The rest of the company is equally owned by two pension agencies, one for private sector workers and the other for government employees, which operate as autonomous government institutions.
Economists anticipate an independent agency to be assigned to value the company before the shares are sold to the public.
NCCI is one of only two national companies among about 100 insurance "agencies" operating in Saudi Arabia with an annual turnover of 10 billion riyals ($2.7 billion).
The government last year approved an Islamic-based law to regulate the kingdom's lucrative insurance sector and open it to foreign investors, one of the prerequisites to facilitate Saudi Arabia's entry into the World Trade Organization (WTO).
The legislation is centered around the Islamic concept of cooperative insurance, where the insured are treated almost like shareholders and are entitled to a share in profits and liable to pay more in case of unexpected losses.
Speeding the pace of economic reform
In 1999, a royal decree was issued announcing the formation of the Supreme Economic Council (SEC) to speed up reforms in the kingdom. The 11-member council was to be chaired by Crown Prince Abdullah bin Abdel-Aziz, Deputy Premier and Commander of the National Guard. The decree said the formation of the new body had been prompted "by the crucial role played by economic affairs, their direct influence on the interests of citizens and the need to involve a wide circle of contributors in economic policy-making in the changing economic world of today."
However, the SEC had also released in 2001 a black list of banned sectors for foreign investors, including oil exploration, drilling, production, pipelines, distribution and transmission of electricity and telecommunications.
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