King Salman meets with chairman of the Caucasus Muslims Office in Jeddah

King Salman holds talks with the chairman of the Caucasus Muslims Office, Dr. Allahshukur Pashazade, in Jeddah on Monday. (SPA)
Updated 03 September 2019
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King Salman meets with chairman of the Caucasus Muslims Office in Jeddah

JEDDAH: King Salman welcomed the chairman of the Caucasus Muslims Office, Dr. Allahshukur Pashazade, at Al-Salam Palace in Jeddah on Monday.

Pashazade relayed the greetings of the Caucasus Muslims Office’s Leader and Azerbaijan’s President, Ilham Aliyev, while the king conveyed warm greetings.

During the meeting, they tackled aspects of cooperation in the service of Islam and Muslims, while highlighting the importance of reinforcing the tolerant and moderate teachings of Islam.

The meeting was attended by Interior Minister Prince Saud bin Naif bin Abdul Aziz, Council of Senior Scholars member and royal court adviser Sheikh Saad bin Nasser Shathri, and Minister of Foreign Affairs Ibrahim Al-Assaf.

Assistant Special Secretary to King Salman, Tamim bin Abdul Aziz Al-Salem, and officials from the Kingdom and Azerbaijan.


Saudi market regulator in talks with Aramco on IPO rules

Updated 57 min 4 sec ago

Saudi market regulator in talks with Aramco on IPO rules

  • Kingdom’s stock market regulator typically requires firms offer at least 20% to 30% of their shares when floating
  • Aramco’s primary listing will be on the Saudi stock exchange (Tadawul) in Riyadh

RIYADH: Saudi Arabia’s Capital Market Authority (CMA) is in talks with Saudi Aramco and its advisers about the regulatory requirements for listing on the domestic stock exchange, its chairman Mohammed bin Abdullah Elkuwaiz told Reuters.
“We continue to have discussions with the company and its advisers on both their readiness, as well as our regulatory requirements for the market,” Kuwaiz said on Wednesday.
Asked whether there will be any waivers or exemptions for the company’s listing, Kuwaiz told Reuters in an interview that the CMA is “still having those discussions.”
The Kingdom’s stock market regulator typically requires firms offer at least 20% to 30% of their shares when floating.
Aramco, whose chairman Yassir Al-Rumayyan said this week that the IPO would be ready within the next year and preparations were continuing despite Saturday’s attacks on its facilities, is yet to file its prospectus with the Saudi regulator.
“We receive waivers or exemption requests where needed and we review them on a case by case basis,” Kuwaiz said, in reference to those discussions.
Aramco’s primary listing will be on the Saudi stock exchange (Tadawul) in Riyadh, but the government is still considering a secondary listing overseas, Saudi finance minister, Mohammed Al-Jadaan told Reuters in an interview on Wednesday.