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Report: Saudi Arabia taps HSBC banker to lead privatization division

Saudi Arabia recruited HSBC Holdings PLC banker Rayyan Nagadi to help establish a privatization unit at the country's finance ministry, Bloomberg News reported Jan. 16.

Nagadi will cooperate with Saudi Arabia's National Center for Privatization and will provide provide advice to the ministry on privatization, a source told the newswire.

He previously served as head of project and export finance at HSBC Saudi Arabia.

Saudi Arabia is eager to privatize a range of state-owned institutions and facilities as part of its strategy to expand its non-oil economy.