Daily Management Review

US still has a chance to hold Saudi Aramco's IPO


12/19/2016


Minister of Foreign Affairs of Saudi Arabia Adel Al-Jubeir says Saudi Arabia may still decide to sell shares of oil giant Aramco in New York, even after the United States passed a law that allows victims of the September 11 attacks to sue the kingdom.



The kingdom is considering markets from Hong Kong to New York as potential international places for one of the largest IPO in history, said Al-Jubeir at a press conference with US Secretary of State John Kerry in Riyadh on Sunday. The decision is still pending, he added.

Saudi authorities are planning to sell less than 5% of Saudi Arabian Oil Co. by 2018. The decision has been taken as part of Crown Prince Mohammed bin Salman’s plan to create the world's largest sovereign investment fund and reduce economic dependence on hydrocarbons, Bloomberg writes.

Adel Al-Jubeir also rejected suggestions that Saudi Arabia would reduce investment in the US. "Saudi Arabia is investing heavily in the US, and we consider these investments on a regular basis, - he said. - There are problems associated with risk, but our goal is to increase these investments, we are not going to cut them."

In addition to tension caused by 9/11 law, the United States decided to block arms sales to Saudi Arabia because of concerns about increasing number of civilian casualties in Yemen. The country has been gripped by an armed conflict since 2014. Huthis rebels and part of army, loyal to ex-president of Yemen Ali Abdullah Saleh, is confronting troops of President Abd Rabbo Mansour Hadi, who is supported by the Arab coalition forces led by Saudi Arabia. 

Al-Jubeir said he has recently visited the United States "to probe position of the new administration", headed by President-elect Donald Trump, and try to convince Congress to amend JASTA (The Justice Against Sponsors of Terrorism Act) law (9/11 law). 

The law gives families of victims of terrorist attacks of September 11, 2001 a right to sue the government of Saudi Arabia. September 23, US President vetoed the bill. However, despite Obama's veto, the law was passed.

source: ft.com






Science & Technology

With China Set To Dominate, 1 Billion Could Be Using 5G By 2023

Deutsche Telekom unveils next gen 5G mobile antennas in Europe

Diamonds are now the new gold

Expert Body Says Driving In A Driverless Car In An Inebriated Condition Or On Drugs Should Be Legalized

SEC’s EDGAR database vulnerable to cyber threats

Research Says The Risk Of Severe Turbulence On Planes Will Increase Due To Climate Change

Barclays and CLS Group aim to replace SWIFT with blockchain

Designing Of Cars Being Done With Hologram Goggles At Ford

The Already Surging Cyber Attacks Are Set To Rise Even Further, Says A Study

Chinese to equip smartphones with OLED displays

World Politics

World & Politics

Scholar Says Political Appointees Not As Important As Financial Ones In China For The Economy

An Expected Change In Brussels Could Be Crucial For The Euro Zone

Destroying People Who Wouldn't Help One Of His Bankrupt Businesses Was All Trump Talked About When He Met Him In 1990s: Branson

Russia Is Worried About America’s Unpredictability

No oil contracts with Iraqi Kurdistan: Iraq’s oil ministry

Donald Trump lost $ 600 million during his presidency

Britain puts its weight behind Europe in the battle between Boeing and Bombardier

EU hopes to keep the Iran nuclear deal afloat