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.”


‘Our History is Misk’ revive 20 traditional professional figures in Jeddah

Cafes were an important part of Jeddah’s social life. (AN photo)
Updated 24 September 2018
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‘Our History is Misk’ revive 20 traditional professional figures in Jeddah

  • Cafes were an important part of Jeddah’s social life

JEDDAH: “Our History is Misk,” supported by the Crown Prince Mohammed bin Salman bin Abdul Aziz Foundation, is being organized at the historical site of Jeddah.
The event is bringing nostalgia through a number of scenes that embody the life the city witnessed decades ago.
It comes as one of the activities of the foundation’s initiatives center and is part of its role in encouraging creativity and promoting national values in society.
The activities include an open theater to portray the professions of Jeddah citizens in the past. A number of local actors brought 20 extinct professions back to life through their performances.
One of the actors sits in the center, playing the role of the mayor, who used to help the people and solved their differences. Also showcased were the “decorator,” who is similar to barbers nowadays, the distribution of fabrics used in houses at the time, the selling of water in alleys for nominal amounts of money, and the restoration and cleaning of shoes.
Cafes were an important part of Jeddah’s social life. In them, people with all kinds of professions met to drink tea and listen to a storyteller.