14/11/2019
Chairman of the Asharqia Chamber: IPO Aramco economic event and an extraordinary step puts the Saudi stock market in the focus of global attention
The Chairman of the Asharqia Chamber, Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, described the start of the first stages of offering Saudi Aramco to subscribe to the internal stock market, on Sunday, November 17, (historical), and it is an exceptional economic event that has significant implications for the Saudi and global economy, and because Aramco has the value of the market and the size of the oil reserves outweigh the major oil companies in the world.
It is not the first oil energy source in the world, but also now expanding dramatically in the petrochemical sector, pointing out that the company's launch of the IPO was part of a group of several economic reforms that have worked and are working Kingdom implemented within the targets of Vision 2030, and prompted major companies and credit rating agencies in the world to pay tribute to what the kingdom's economic policies.
Al-Khaldi stressed that the launch of a company such as Aramco to the public, gives more transparency in the global oil markets, and emphasizes the concepts of disclosure and accountability that the Kingdom pursues in all economic sectors, as well as a step that will put the Saudi stock market in the focus of global attention, and increase attractive to foreign investors, and thus entering the new capital, which helps in the recovery of the national economy and create thousands of employment opportunities for the national workforce.
Al-Khaldi predicted , to enhance the offering of the capabilities of Aramco and supports its focus on achieving its vision and future aspirations, and directed sales proceeds resulting from the offering to many of the most promising sectors in the Kingdom especially the industrial sector, given good government, great attention and put it on top of goals creating industries great variety within the Kingdom supports the achievement of sustainable development.
