Al-Qassabi wants GCC to guard against certain steel imports

Updated 19 June 2016
0

Al-Qassabi wants GCC to guard against certain steel imports

RIYADH: Minister of Commerce and Investment Majid Al-Qassabi has commended the joint action taken by the Gulf Cooperation Council (GCC) countries to safeguard against importing flat-rolled products of iron and non-alloy steel into the region.
Recently, the GCC unanimously decided to safeguard against the increasing import of flat-rolled products of iron and non-alloy steel into the region.
The case was first reported to the WTO (World Trade Organization) under the unified law of anti-dumping, compensatory and safeguard measures, which announced on the official website of the organization.
Al-Qassabi, who is the chairman of the current session of the Trade Cooperation Committee of the GCC, stressed that the Kingdom in cooperation with the GCC countries has played a significant role and worked very hard over the past years on the completion of unified law approvals and its amendments. “All that to combat the harmful practices to the international trade,” he added.
The minister said his ministry was keen to activate this important law under the understanding of its effect on trading performance, which decrease damages and unfair practices on Saudi Arabia and Gulf manufacturers and industries.
He praised the group initiative of the GCC countries to continue opening investigations to combat unfair practices in international trade and currently investigating GCC markets dumping. He pointed out that it is a sign of GCC countries unity in fair trade and combat against international trade harmful practices that affect the manufacturers.
“These efforts are clear evidence of the desire of the ministers of commerce in the GCC countries to eliminate the damages affecting the manufacturers along with current and new industries. And no doubt that it will protect the GCC markets, leading to a localizing the investments which correspond to the Saudi Vision 2030.”
The minister explained that the collective processing of high-priority issues for the GCC countries, in line with policies of strengthening the Customs Union.
Al-Qassabi said that the current situation was a result of a teamwork effort from all the GCC countries over many years, during which some meetings held under the umbrella of the General Secretariat of the Gulf Cooperation Council.

Nowadays, he added that the GCC countries are harvesting the fruits of the unified system which considered a great historical achievement, and hopefully to continue to do so in the short and medium term.


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
0

Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.