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

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.”


All-female Saudi tourist group explores wonders of Tabuk

Updated 21 October 2019

All-female Saudi tourist group explores wonders of Tabuk

  • About 20 women from different parts of the Kingdom took part in the sightseeing trip to the province bordering the Red Sea

JEDDAH: Saudi Arabia’s first all-female tourist group has explored the environmental and archaeological wonders of Tabuk in the northwest of the Kingdom.

About 20 women from different parts of the Kingdom took part in the sightseeing trip to the province bordering the Red Sea.

“They were astonished to see such sights in their country, especially the area of Ras Al-Sheikh Humaid,” said Heba Al-Aidai, a tour guide in Tabuk who organized the trip.

“They did not expect to see such a place in Saudi Arabia. They looked speechless while standing close to the turquoise water of the sea. It is a truly breathtaking view.”

Al-Aidai and her colleague Nafla Al-Anazi promoted the trip on social media and attracted a group of homemakers, teachers and staff workers from all over the Kingdom, aged from 22 to over 50.

The tour was educational, too, and the women were told about the history of the places they visited. “They were taken to the Caves of Shuaib (Magha’er Shuaib), the place where Prophet Moses fled after leaving Egypt, and where he got married to one of the daughters of Prophet Shuaib, according to some historians. It was really a positive experience,” Al-Aidai said.

The visitors also explored Tayeb Ism, a small town in northwestern Tabuk, where there is a well-known gap in the towering mountains through which water runs throughout the year.

Al-Aidai said such trips aim to encourage tourism in Tabuk, and introduce Saudi tourists and other visitors to the landmarks of the region.