Oil giant Saudi Arabia is considering privatising nearly 300 public institutions within plans to expand the private sector’s role in the domestic economy, the Kingdom’s Finance Minister has said.

Mohammed Al-Jadaan told South Korean businessmen in Seoul on Wednesday that the world’s largest oil exporter has embarked on the region’s largest privatisation programme that has encompassed at least 200 public institutions.

Saudi newspapers quoted Jadaan as saying the privatised entities covered 17 sectors and have resulted in revenue for the state of more than $50 billion.

“The Kingdom is now evaluating 300 other public ventures as part of the privatisation programme…this is an ongoing programme and we have completed the privatisation of 30 key public enterprises,” he said in remarks published by the London-based Sharqalawsat and other Saudi newspapers on Thursday.

The paper said the Minister met representatives from several South Korean companies to urge them to “capitalise on Saudi Arabia’s massive investment opportunities emerging from the privatisation programme.”