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.”


Jeddah to host first global village in Saudi Arabia

The marketing plan of the village has been put in place to target private and international schools to ensure high attendance. (Shutterstock)
Updated 29 min 44 sec ago
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Jeddah to host first global village in Saudi Arabia

  • “Participants from some 50 countries have so far confirmed their interest in taking part in the festival, which will be held on an area of more than 45,000 square meters,” Suzan Eskander said

JEDDAH: For the first time in Saudi Arabia, Jeddah will host a multicultural festival that takes visitors on a virtual tour of 50 countries.
The global village will be set up inside Atallah Happy Land Park along the city’s famous waterfront every day from 5 p.m. to midnight between Feb. 28 and March 29.
The event is one of many aiming to enhance tourism, as well as the local economy.
Suzan Eskander, director-general of International Image, the organizing company, told Arab News that the village is expected to attract 1 million visitors.
“Participants from some 50 countries have so far confirmed their interest in taking part in the festival, which will be held on an area of more than 45,000 square meters,” she said.
“There will be pavilions for participants from five Gulf Cooperation Council states, 10 Arab countries, 18 African countries, 10 European countries and four countries from the Americas.”
She added that folkloric dances would be performed by bands from each country.
“Performers will be dressed in traditional costumes,” she said. “Visitors can also enjoy dishes and traditional products from different countries.”
Eskander also said paintings portraying heritage and culture in the different countries would be on display.
“In addition, we are hopeful that the children’s zone will wow young visitors,” she said. “Little guests can develop their skills in drawing and games, as well as play zones.”
Eskander said the village was timed to coincide with the city’s good weather season, adding that a marketing plan has been put in place to target private and international schools to ensure high attendance. Eskander expressed her gratitude to the General Entertainment Authority for their continued support and cooperation.
“They have not only provided us instructions for obtaining the festival’s license, but are still following up to ensure that everything is going smoothly,” she said.