Deputy Crown Prince says: Vision 2030 constitutes roadmap for Kingdom's development, economy objectives for next 15 years 2 Riyadh

  • 2/5/2023
  • 17:15
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The following is the full text of the interview: Q: Your highness, you have declared more than once that you will offer part of the shares of the world largest oil company, the Saudi Aramco company, for public subscription both in the Kingdom of Saudi Arabia and abroad. Everyone is talking about that Aramco is a public property; how did you manage to give up Aramco by this offering? A: "First of all, we are talking today about a vision. The vision is a road map for our goals of development and economy and other aspects for the next 15 years; Aramco has a very small part of this vision in which there are so many contents. we should not reduce them to Aramco. No doubt that Aramco is part of the main keys of this vision, and for the renaissance of the economy and the renaissance of the Kingdom of Saudi Arabia", Deputy Crown Prince said. He pointed out that the Initial Public Offering (IPO) of Aramco has several benefits. The first and most important of these benefits is transparency. "People in the past used to be upset that Aramco's files and data are not announced, unclear and not transparent. Today, it will become transparent. If Aramco is listed in the market, this means it must announce its statements and declare every quarter. It will become under the supervision of all Saudi banks and all Saudi analysts and thinkers. All world banks and all research and planning centers in the world will intensively monitor Aramco," the Deputy Crown Prince said. He added that Aramco today works as a facilitating limited company. This is a very dangerous matter: a giant company of this size is managed and treated as a facilitating limited company. I see the portion that will be offered for public subscription as very small, less than five percent. Q: On what basis this percentage (less than 5 per cent) has been set? A: First, Aramco's size is very huge. Up to date, there is no final valuation and we expect Aramco to be valued at more than $ 2 trillion. "We talk about more than 7 trillion Saudi riyals. If only one percent of Aramco's shares was offered for public subscription, it will be the largest IPO in the history of the world," he said. --More 10:51 LOCAL TIME 07:51 GMT www.spa.gov.sa/w

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