حوكمة جديدة تنظم تملك الجهات العامة للشركات

The newspaper Um Al-Qura revealed on Friday a governance document for studying requests and topics referred to the Ministry of Finance, aimed at organizing the study of public entities' requests to establish or own companies or profit-making entities.

This document, approved by the Council of Economic and Development Affairs, is based on Cabinet Resolution No. 804, and forms a comprehensive framework for regulating the relationship between public entities and commercial entities, with a focus on controlling the justifications for establishing or owning companies, defining the conditions and criteria for submitting requests, and the mechanisms for evaluating them by the ministry.

The document stipulates that public entities, whether ministries, authorities, public institutions, or programs, are required to submit requests accompanied by detailed documents if they wish to establish a company, own one, or modify an existing entity to turn it into a profit-making activity. The new governance requires the inclusion of the Public Investment Fund's response to the requests, in case there are affiliated companies operating in the same field, to ensure no conflicts and enhance efficiency in resource allocation.

The document aims to ensure that public entities' participation in companies is justified by economic or security needs, such as providing services that the private sector cannot efficiently deliver, protecting data in sensitive sectors, or ensuring the continuity of essential services for community segments. Requests are subject to a thorough review that includes market analysis, financial modeling, sustainability plans, and the expected impact on both the public and private sectors.