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Sat, 25 Jan 2020 22:44 GMT

Aramco IPO to Help Attract Investments, Create Job Opportunities: Saudi King


7Dnews London

Wed, 20 Nov 2019 15:41 GMT

Saudi Arabia’s King Salman bin Abdulaziz Al Saud said during his speech at the Consultative Assembly of Saudi Arabia (Shura Council) on Wednesday November 20th that the Kingdom’s oil policy seeks stability for world oil markets, adding that this policy serves producers and consumers alike.

King Salman commented on Saudi giant oil company Aramco’s initial public offering (IPO), saying that it would allow investors inside and outside the Kingdom to take part in the leading company worldwide, the Saudi foreign ministry reported. 

He added that it would also help attract investments, create thousands of job opportunities, and boost the Saudi financial market. 

During his speech King Salman revealed that there was a rise in non-oil revenue of 15%, according to figures. He also reported growth in non-oil GDP by 3% during the second quarter of 2019, compared to 2.5% during the same period last year. 

Concerning business institutions, King Salman affirmed the Kingdom’s keenness to “develop small and medium enterprises and support entrepreneurs and said there was 13% growth in such projects. 

Saudi Arabia has recently provided women with unprecedented rights at the national level and King Salman vowed to continue efforts to empower Saudi women and enhance their participation in both public and private sectors. 

“We are very proud to refer to the increase in women's participation rate from 19.4% by the end of 2017 to 23.2% by the end of the second half of 2019,” he said. 

"The state continues to make efforts to create jobs for citizens and reduce unemployment,” the King said, referring also to efforts exerted by the Kingdom to develop people’s capabilities and prepare Saudi youth for the labour market. 

Middle East