إلزام «المالية» بالبت في الطلبات خلال 90 يوماً

The document regarding the governance of requests and topics referred to the Ministry of Finance specifies 6 criteria that the ministry must rely on, with decisions on requests to be made within 90 days.

The document emphasized that after verifying that the public entity submitting the request meets the requirements, the Ministry of Finance studies the request in collaboration with the submitting entity and makes a decision within 90 days. The ministry's study is based on 6 criteria, including sustainability, through the assessment of financial and operational sustainability, and efficiency, by optimally utilizing available resources to achieve the targets.

The document indicated that among the criteria is also the need, by identifying the gap that requires establishment or ownership of the company or entity by the public entity, and the extent of contribution to meeting sector needs, and linkage; that is, the extent to which the company's or entity's activity is related to achieving sector targets and the public entity's strategy and national strategies, governance through evaluating the governance model, and impact by measuring the expected impact on both the public and private sectors.

Regarding the requests and topics referred to the Ministry of Finance for application, the document clarified that it targets 6 categories, which are: transferring ownership of an existing company, establishing a company or participating in its establishment, owning an existing company or purchasing shares or stocks in it, establishing an entity for investment purposes or any profit-oriented activity, and modifying the organizational status of any entity - affiliated with any public entity - to enable it to invest or be profit-oriented.

The Ministry of Finance may seek assistance from supportive entities during the request study phase, and supportive entities are required to provide the necessary support in terms of information and clarifications - according to their specialization - and within the timeframe specified by the ministry.

The document explained that governance aims to enhance the quality of oversight on requests for the establishment or ownership of companies or entities by the public entity, define the controls and procedures governing requests for the establishment or ownership of companies or entities by the public entity, and promote transparency and establish governance principles.

The aim of the public entity's establishment of entities and companies or its ownership or participation in their establishment is to provide goods and services that the private sector cannot offer under normal competitive conditions, and to provide goods and services that require stability in their provision to all segments of society, which possess unique characteristics, and to maintain the confidentiality of data and transactions in sensitive sectors related to state security.