Aramco to transfer free shares to Saudi investors next week

Saudi individuals will also receive bonus shares. (File/Reuters)
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Updated 19 July 2020

Aramco to transfer free shares to Saudi investors next week

  • Aramco began identifying those who were due and depositing free shares on June 8

RIYADH: Saudi Aramco said on Sunday that the Kingdom’s government has set a date for the transfer of free shares to the investment portfolios of individual Saudi investors.
Saudi Arabia, which is the oil company’s seller shareholder, set the date for the transfers on Saturday, July 25, 2020.
Saudi Aramco, one of the largest companies in the world, is in the process of putting a portion of its ownership into public trading through an initial public offering (IPO).


Proposals to cut expats in Kuwait reviewed by National Assembly committee

Updated 10 August 2020

Proposals to cut expats in Kuwait reviewed by National Assembly committee

  • One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country
  • The Kuwaiti government’s plan calls to replace about 160,000 expat working in the public sector with nationals

DUBAI: Thousands of expats in Kuwait are expected to leave the country as talks over the decision have started between the government and the National Assembly human resources committee.
The government and parliamentary proposals are being reviewed by the committee, national daily Kuwait Times reported.
One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country.
The Kuwaiti government’s plan also calls to replace about 160,000 expat working in the public sector with nationals, but did not provide a timeframe.
The proposal also suggests that about 370,000 expats who show a “negative impact” on the country or are illegal residents can be dismissed by taking short-term measures.
The government added in its plan that “marginal” workers should be reduced by 25 percent. It also expects to lower temporary employment contracts by 30 percent in government jobs.
The government also discussed the massive increase in the expat population in the country between 2005 and 2019, as it went up to 4.42 million. It added that during this time, the citizens’ population increased from 860,000 to 1.335 million.