The Saudi government is in talks with six countries to sell off its multi-million-dollar stake in seven joint-venture companies, the finance minister said in remarks published Wednesday, November 21.
Ibrahim Al-Assaf said Riyadh held a 50 percent share in each of the seven companies managed by the state-run General Investment Fund (GIF). They include two companies with Egypt, and one each with Syria, Bangladesh, Morocco, Pakistan and Tunisia, operating in agriculture, real estate and industry sectors.
The Saudi cabinet authorized Assaf and the GIF on Monday to proceed with the sales, which will be open to the Saudi private sector and "other concerned investors," according to the minister.
Analysts estimate the Saudi share in the seven companies to be worth around $200 million. Assaf said all the companies have realized profits in the past years and a number of them distributed dividend payments — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
