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.”


GEA and Misk launch ‘Entertainment Pioneers’ program

Updated 26 June 2019
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GEA and Misk launch ‘Entertainment Pioneers’ program

RIYADH: The General Authority for Entertainment (GEA) launched its “Entertainment Pioneers” program, in partnership with the Initiatives Center at the Prince Mohammed bin Salman bin Abdulaziz Foundation (Misk).

The program aims to prepare citizens, and especially fresh graduates, to work with the most renowned international companies in the field of entertainment, to gain experience, develop their skills in the field, and enable them to integrate this sector and contribute to its development and prosperity.

The program is part of GEA’s strategy to develop the sector of entertainment in accordance with the best international standards, and to provide it with qualified national competencies in this field, to meet the objectives of the Quality of Life program, a basic part of the Kingdom’s Vision 2030.

The first stage of the program will kick off in collaboration with a leading American entertainment company that employs 44,000 people worldwide, and that has a record of more than 30,000 entertainment programs and 100 festivals, with its sales surpassing of 500 million tickets per year.

In addition, various international companies are participating in the event, in order to train Saudis in the tasks of planning, organization and management of entertainment programs and projects.

As part of its plans to develop and increase the size of local content in the entertainment sector, GEA is launching several other initiatives to train Saudi cadres develop their skills, and to integrate the job market especially in small and medium enterprises in the field of entertainment.

For registration a webpage was set on the link: https://misk.org.sa/fellowship/services/live-nation/