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.”


Array of national day activities delight Saudis and visitors

Updated 22 September 2018
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Array of national day activities delight Saudis and visitors

  • Special events will also take place throughout Jeddah where residents and visitors can visit the various parks, public squares, waterfront and beaches to get into the celebratory spirit.
  • Saudi flags and green billboards, often bearing the face of King Salman and his son Crown Prince Mohammed, have gone up across Riyadh this week, and at night skyscrapers are flooded in green light — the national color.

JEDDAH: There’s excitement all over the Kingdom as Saudi Arabia gears up to celebrate the 88th Saudi National Day, with citizens and visitors thronging through Jeddah to enjoy the various celebrations where art and patriotism meet. The national day’s events will feature 3D light shows on the façade of the Ritz-Carlton at the new waterfront in Jeddah, displaying images of the nation’s founders and fountains dancing to Saudi music.
Special events will also take place throughout Jeddah where residents and visitors can visit the various parks, public squares, waterfront and beaches to get into the celebratory spirit. Saudi flags and green billboards, often bearing the face of King Salman and his son Crown Prince Mohammed, have gone up across Riyadh this week, and at night skyscrapers are flooded in green light — the national color.
Various governmental and private organizations are also celebrating the occasion throughout the governorate, its streets, main roads and public facilities by hanging flags and signs carrying national meanings and values that strengthen love, loyalty and the sense of belonging to this dear homeland.
The National Day will also be celebrated on Jeddah waterfront with myriad activities ranging from folklore shows, art crafts, and a national art exhibition to family activities, laser shows and fireworks. Other events include using the latest light technology on water screens, showcasing the Kingdom’s images from the time of the founder until the present. 3D lights will also illuminate the surrounding buildings and unique waterfront.
A four-day event is to be held in Old Jeddah to mark Saudi National Day, with activities aiming to highlight the most important historical monuments through displaying activities related to the Kingdom’s unification. Historical Jeddah is one of UNESCO’s World Heritage Sites.