Facilitating sector privatization through a comprehensive business case portfolio
Unlocking private sector participation in essential services.
Citizens served by the national network
We partnered with a national utilities company over a multi-year engagement to develop its portfolio of business cases — facilitating the rapid privatization of a critical infrastructure sector and enabling one of the most significant ownership transitions in the Kingdom’s history.
Privatizing a critical infrastructure sector meant unbundling a national utility into investable entities — each requiring a standalone business case that could withstand the scrutiny of international investors and the Board of Directors.
The national utilities company manages essential infrastructure services for tens of millions of people. As part of the Kingdom’s privatization program overseen by the national privatization authority, the company was tasked with transitioning from a government-owned utility to a commercially sustainable entity with significant private sector participation.
This was not a single transaction. It required developing a portfolio of business cases covering different segments of the infrastructure value chain — each structured to be attractive to private investors while maintaining the service quality and coverage that the public expects from essential services.
“Essential infrastructure is the most sensitive sector to privatize. Every citizen depends on it, every regulator scrutinizes it, and every investor prices the risk accordingly. The business cases needed to be bulletproof.”
— Client Board Advisor
The 3.5-year engagement reflected the complexity and political sensitivity of the task — each business case required extensive stakeholder consultation, regulatory alignment, and financial structuring before it could be presented to the Board for approval.
We embedded within the client’s strategy team over multiple years, developing each business case through a rigorous process of analysis, structuring, stakeholder engagement, and board preparation.
Sector Mapping & Segmentation
Mapped the entire infrastructure value chain to identify natural breakpoints for private sector participation, analysing asset condition, revenue potential, regulatory risk, and investor appetite for each segment.
Business Case Development
Developed comprehensive business cases for each privatization tranche including financial projections, risk allocation frameworks, contractual structures, and transition management plans.
Regulatory & Stakeholder Alignment
Managed the complex stakeholder landscape including the national privatization authority, sector regulators, executive leadership, and regional authorities to build consensus on privatization structures and timelines.
Board Presentation & Approval
Prepared and presented business cases to the Board of Directors, managing the iterative review process and incorporating board feedback into refined proposals.
Every business case developed was presented to and approved by the Board of Directors — unlocking the pathway for private sector participation in a critical infrastructure sector.
Citizens served by the national network
Embedded advisory engagement
Business cases approved by the Board
“Arpus became an extension of our team. Over three and a half years, they developed the business case portfolio that made privatization possible — with every single case approved at Board level.”
VP of StrategyNational Utilities Company
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