RIYADH, Nov 21: The Saudi cabinet has authorized the General Investment Fund (GIF) to sell the state’s shares in a number of joint venture companies, including the Saudi-Pakistani Industrial Development Company, to the local private sector here. The cabinet asked Saudi Minister for Finance and National Economy, Dr Ibrahim Al-Assaf to make necessary arrangements for the proposed sale.

The cabinet also authorized the minister to hold discussions with the partner countries to make changes in bilateral agreements on joint venture companies and sign related documents in this regard.

The Saudi government has a 50-per cent stake in seven joint venture companies established with a number of countries, including Pakistan, Syria, Egypt, Morocco and Bangladesh.

The seven companies are Saudi-Egyptian Construction Company, Saudi-Egyptian Industrial Investment Company, Saudi-Syrian Industrial and Agricultural Investment Company, Saudi-Tunisian Development Investment Company, Saudi-Moroccan Development Investment Company, Saudi-Bangladeshi Industrial and Agricultural Investment Company besides the Saudi-Pakistani Industrial and Agricultural Company.

All these companies are reported to be in sound financial health and some of them have even distributed dividends among its shareholders.

The General Investment Fund would soon be bringing out a booklet giving out all information about the companies, in preparation to float them in the share market.