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.”


Digital-screen buses aim to boost Saudi patriotism

Saudi Islamic Affairs organized a wide range of activities, including a display of Saudi leadership’s visuals on digital-screen buses. (SPA)
Updated 25 September 2018
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Digital-screen buses aim to boost Saudi patriotism

  • King Abdul Aziz International Competition for Memorizing the Holy Qur’an” will be held at the Prophet’s Mosque in Madinah on Oct. 6

RIYADH: To mark the National Day, the Ministry of Islamic Affairs organized a wide range of activities, including a display of Saudi leadership’s visuals on digital-screen buses, as well as cars distributing gifts among citizens and expats in Riyadh and other cities.
Under the directives of Minister of Islamic Affairs, Sheikh Abdullatif bin Abdul Aziz Al-Asheikh, more than 28 million text messages are being sent through the Saudi Telecom Company (STC) to promote national values.  The move is taken in cooperation with the General Directorate for Scientific and Intellectual Awareness.
Separately, authorities said recently that “King Abdul Aziz International Competition for Memorizing the Holy Qur’an” will be held at the Prophet’s Mosque in Madinah on Oct. 6.
Commenting on the event, Al-Asheikh praised King Salman for his special care and attention for the competition. Al-Asheikh said the contest it aimed to encourage Muslims to memorize, recite and interpret the holy book. He noted that the ministry has completed its preparations to receive participants for the competition.