Deputy Crown Prince says: Vision 2030 constitutes roadmap for Kingdom's development, economy objectives for next 15 years 3 Riyadh

  • 2/5/2023
  • 17:15
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On the possibility of Aramco's IPO in the global market, the Deputy Crown Prince said that Aramco's IPO will be in the Saudi market and there are ideas about finding outlets for Aramco' shares outside the Saudi market. Today, you can buy gold from the US stock market, or oil through funds in the US market and we have something similar. For example, in the Saudi market there is the Falcom Fund which buys in several companies. Ideas include establishing a fund in the US market only for buying Aramco's shares. This is one of the outlets that will be very important in bringing liquidity for Aramco trade or other companies in the Saudi market. Aramco company is a part of the keys of the Kingdom of Saudi Arabia's Vision 2030 and Aramco's IPO will make it transparent and under the supervision of banks and everyone else. Q: This means that you will not violate, as some say, any sacred thing when you offer Aramco or part of it for public subscription? A: This is a very big problem. Q: Aramco's reverence? A: Yes. King Abdulaziz and all men who worked with him all over the Kingdom, when they established the Kingdom, there was no oil. They founded and administered the country without oil and they lived in this country without oil. Today, oil has become as our constitution; the Quran and Sunnah and then petroleum. This is a very dangerous thing. We have a situation of oil addiction in the Kingdom, which disrupted the development in many sectors in the past years. Q: Is oil the main item on which the economy of the Kingdom of Saudi Arabia depends? A: Yes. Oil comes from your work in investment, no more, no less. Investment is a company that has a value and should be owned as an investment, not owned as a main commodity or a main source of income. --More 11:10 LOCAL TIME 08:10 GMT www.spa.gov.sa/w

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