The fundamental definition of the private sector was mentioned in article 8 of the Law of Companies No 21 (1997) states: "A private-sector company is established on the agreement between two or more persons outside the nation sector, using private capital." Article 8, in addition, obtains a provision that includes private-joint stock or limited liability companies whenever the state gets a share of less than 25% of the capital. Internationally, it is universally accepted that the private sector represents the key part of the national economy that is not under direct state control and that is run for economic profit.
