Saudi energy minister says Aramco IPO still on, refutes media reports indicating otherwise

Saudi Energy Minister Khalid Al-Falih. (AN file photo)
Updated 23 August 2018
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Saudi energy minister says Aramco IPO still on, refutes media reports indicating otherwise

JEDDAH: In response to recent media reports about the IPO of Saudi Aramco, H.E. Khalid Al Falih, Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco issued the following statement dismissing speculation surrounding the cancellation of the IPO as not true.

“The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.

To prepare for the listing of Saudi Aramco, the Government has undertaken a number of major preparatory measures including issuing a new income tax law as it relates to hydrocarbons activities; reissuing a long-term exclusive concession; and appointing a new Board of Directors, amongst other measures to safeguard its interests and those of the company’s future private shareholders.

The company, for its part, has completed its internal program for IPO preparedness. Specifically, it has amended its bylaws; converted to a joint stock company; ensured that its internal segmental financial reporting aligns with potential listing venue requirements; established an investor relations function; and undertaken the first independent certification of its hydrocarbon reserves, all confirming the company’s peerless status in the industry. This is all positive progress on what is a complex process, preparing the company and the Kingdom for what will ultimately be a global landmark market offering of unprecedented quality and scale.”


Sweet victory as rising star wins Jeddah baking contest

Updated 7 min 2 sec ago
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Sweet victory as rising star wins Jeddah baking contest

  • More than 120 women submitted a range of bakery creations and 10 finalists were selected
  • The winner won various prices and will have the chance to create her own business with the help of sponsors

JEDDAH: A Saudi woman has won a prestigious home-baking competition after being encouraged to enter the contest by her daughter.

Reem Rida Khashoggi beat nine other finalists in the Jeddah-based Golden Whisk competition with one of the simplest desserts of the night — “petit four” biscuits served in a small box that drew unanimous praise from the judges on Sunday.

“I got into this competition through my daughter,” Khashoggi told Arab News after accepting the trophy. “She has pushed me to improve and convinced me to be a part of this.” 

The Golden Whisk competition was organized by Crate, a Jeddah concept store that encourages local entrepreneurs, along with Mariam Haddad, owner of a bakery in Crate and one of the judges. 

More than 120 women submitted a range of bakery creations for judging with 10 finalists chosen for Sunday’s showdown.

Khashoggi said she gained her baking experience by “randomly opening recipe books and studying recipes.”

“I started baking with petit four biscuits and the reaction I received from the people was amazing,” she said.

Her daughter, Heba Bakri, said was “beyond happy” to see her mother win. “I am so proud, she is a great person. Congratulations, mom. You deserve the best,” she added.

The competition finale was hosted by Abdulrahman Baaghil, co-creator of Jeddah Attractions, and judges Basma El-Khereiji, chef behind the Social Kitchen, and Raneen Joudah, a home baker, together with Haddad.

“I believe that it is an act of giving back to society by getting involved with small bakers, especially people who are just starting their careers,” said El-Khereiji. 

Contestants’ offerings were judged on taste, presentation, creativity and originality. 

The winner will have the chance to create her own business with the help of recognition from startup Bakery M, design services from Loud, shelf space at Crate, a range of products from Baker’s Choice and a SR1,500 voucher from Chef & Chef.