Deputy Crown Prince says: Vision 2030 constitutes roadmap for Kingdom's development, economy objectives for next 15 years 4 Riyadh

  • 2/5/2023
  • 17:15
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Q: So you are seeking to diversify the sources of income?. A: Yes. Aramco's IPO has many benefits other than the transparency, its benefits for the Saudi market. When you offer a company of more than seven trillion Saudi riyals in the Saudi market, then you double the size of the Saudi market. There is also a second phase of the offering. Aramco's parent company and then its affiliated companies will be offered in the market, it will give the Saudi market a larger size, this the second benefit for the market. The third benefit and the most technically important after Aramco's IPO is shifting the Kingdom of Saudi Arabia's income from oil to investment. What remains is how to diversify your investments. Most assets of your investment portfolio are in energy companies, we must diversify the investment by borrowing and entering in other opportunities in order to balance your portfolio, and this is what will be done in the coming years, which will help to increase the size of your portfolio. Q: So, you will offer initially five percent of Aramco's parent company or of some of its affiliated companies? A: Less than five percent of the Aramco's parent company and most of Aramco's affiliated companies, and we are trying to turn Aramco into a holding company and the operating sector will only belong to the companies owned by Aramco. On the Public Investment Fund's extent of risk in relation to Aramco, he said that lack of action is much riskier and that "the Public Investment Fund will not manage Aramco in the future. Aramco will be managed by a Board of Directors. The Board of Directors will be elected by a general assembly, which represents Aramco's owners. He noted that those owners may be the fund or other citizens, or investment entities at home and abroad, who will buy Aramco's shares. This will make a very huge leap. Preliminary data point out that the fund will be in control of more than ten percent of the world's investment capacity. The fund's size of assets will be more than 3 percent of the global assets. We believe that it will exceed these estimates. --More 11:19 LOCAL TIME 08:19 GMT www.spa.gov.sa/w

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