Saudi Arabia has decided to set a minimum value of 200 million Saudi riyals ($53 million) for public infrastructure projects which will be turned over to the private sector, a newspaper in the Gulf Kingdom said on Wednesday.

The world’s largest oil exporter also set a value of at least 50 million riyals ($13.3 million) for public services projects which will be privatised, Al-Madina daily said.

The new rules, which have been approved by “higher authorities”, will be enforced at the beginning of 2024, the paper said.

The value of these projects will be determined by the concerned authorities on the basis of the project cost, government purchases for the project through the execution stages and the expected revenue from the project, it added.

It did not provide details of those projects apart from saying the total value of public infrastructure and housing projects carried out since a landmark economic diversification scheme known as “Vision 2030” was launched seven years ago have surpassed $1.25 trillion.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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