Sudan launches 9-month economic rescue plans

Finance Minister Ibrahim Elbadawi . (File/AFP)
Updated 23 September 2019

Sudan launches 9-month economic rescue plans

  • The measures will include rationalizing spending and tackling of inflation
  • Subsidies for bread or petrol would continue until around June 2020

KHARTOUM: Sudan’s transitional government will launch in October a 9-month economic rescue plan to stabilize the economy, Finance Minister Ibrahim Elbadawi said on Monday.
The measures will include rationalizing spending and tackling of inflation, Elbadawi said, adding that subsidies for bread or petrol would continue until around June 2020.


Russian and Chinese investors in talks about Saudi Aramco IPO involvement

Updated 38 min 52 sec ago

Russian and Chinese investors in talks about Saudi Aramco IPO involvement

  • The initial public offering of the world’s biggest oil company is reaching a critical phase

RIYADH: Russian and Chinese investors are keen to get involved in the international element of the forthcoming initial public offering of Saudi Aramco, according to Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF).

Dmitriev told Arab News: “I would say that some Russian investors are interested. For the sovereign wealth fund (RDIF) to get invest in the Aramco IPO is still under discussion. We also have our Russia-China Investment Fund, and we have interest from Chinese investors to get involved in the Aramco IPO. We are still in discussion with our Chinese partners, and with our Russian investors.

“We are thinking what would be the different opportunities, given the interests of China and given the interest of some of the Russian investors. We will have to see how some of the details go, and nothing has been finalized, but there is definitely interest from some Russian and Chinese investors,” Dmitriev added.

The IPO of the world’s biggest oil company is reaching a critical phase, with some observers expecting the formal announcement of a listing on Tadawul just days away. Having a foreign sovereign investor, as well as a listing on a foreign stock exchange, could be a part of the later strategy to sell around 5 per cent of the state-owned company to private investors.

Dmitriev was speaking on the sidelines of the Saudi Russia CEO Forum in Riyadh, a meeting of top businessmen for both countries to coincide with the visit of President Putin.