Culture&Arts

Saudi Arabia used abuse to seize billions during purge

Saudi Arabia used abuse to seize billions during purge

Citing sources close to the process, Reuters on Tuesday reported that the chances of an global initial public offering, or IPO, are hanging in the balance.

Saudi Aramco said on Monday it was still reviewing its options for the initial public offering.

A domestic listing and a private sale to a strategic investor - potentially from Beijing - is another possibility.

The Financial Times reported earlier that Saudi officials told their British counterparts last week that a delay to 2019 was likely.

Aramco neither confirmed nor denied the FT report.

In addition, while some Saudi officials - reportedly including Crown Prince Mohammed himself - are said to favor a listing on the NY exchange, others involved in the process have said that a presence in the United States could expose the kingdom to lawsuits.

"The only thing we know today is that Tadawul will be the key listing location as our national exchange", Falih told CNN.




King Salman's offer was made in a telephone call to Iraqi Prime Minister Haider al-Abadi on Monday, following Iraq's 4-1 defeat of Saudi Arabia in a friendly - the first between the two countries for almost four decades.

Aramco itself has worked to prepare itself for a listing, though all the major decisions - including when and where the company will be listed - will ultimately be made by its current shareholder, the Saudi government.

The FT report said London had a "good chance" of securing the listing, citing insiders briefed on the negotiations.

"Saudi Aramco is too big and too important for the kingdom to be subjected to that kind of risk".

Research firm Capital Economics has said it is unlikely to significantly impact the kingdom's near-term economic outlook.

Saudi officials said the crackdown, which came through royal decree, was in response to "exploitation by some of the weak souls who have put their own interests above the public interest, in order to illicitly accrue money".

But following a protracted global oil slump, the kingdom is seeking to diversify its economy and privatise some state assets, alongside new measures such as a value-added tax.


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