aramco

Saudi Aramco Inaugurates $800 mln Cultural Center in Dhahran

By Reem Shamseddine DHAHRAN, Dec 2- Saudi Aramco opened an $800 million cultural center in Dhahran on Thursday, underlining the wide range of commitments the world’s biggest oil company has made as the kingdom tries to transform its economy. Saudi Arabia’s sweeping plans to reduce its dependence on oil revenue involve boosting the private sector

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Funding, Regulation Challenge Saudi Private Sector Drive

By Andrew Torchia and Marwa Rashad JEDDAH, Saudi Arabia, June 16 – After decades of government-led growth, Saudi Arabia is handing over much of the responsibility for the economy to private firms – a prospect which both pleases and worries businessmen, who wonder how they can finance new projects in an age of austerity. As more

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Saudi Arabia’s Oil Guards

By Ahmad Khatib When he was appointed Minister of Health in 2015, Khalid Al Falih was widely regarded as the understudy for the then Minister of Petroleum and Mineral Resources, Ali Al Naimi.  In addition to joining the Saudi cabinet, Falih, had also replaced Naimi as Chairman of Saudi Arabia’s oil giant, Aramco, promoted from

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Domestic Focus May Limit Clout of $2 Trillion Saudi Fund

By Andrew Torchia DUBAI, May 17 – Saudi Arabia aims to create the world’s biggest sovereign wealth fund, a $2 trillion behemoth that can throw its weight around global markets, but the fund’s growth abroad is likely to be slowed by its responsibility for aiding the economy at home. Building the Public Investment Fund (PIF)

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Saudi Aramco Finalizes IPO Options and Plans Global Expansion

By Rania El Gamal DHAHRAN, Saudi Arabia, May 10 – Saudi Arabia’s state-owned oil giant is finalizing options for its partial privatization and will present them to its Supreme Council soon, its chief executive said about the centerpiece of the kingdom’s efforts to overhaul its economy. The company has a huge team working on the

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Managing Saudi’s New Energy Mega-Ministry May Bring Challenges

By Angus McDowall , Rania El Gamal and Reem Shamseddine RIYADH, May 9 – Managing Saudi Arabia’s new energy mega-ministry, set to oversee over half the economy and designed to cut through a tangled bureaucracy to make government more coherent and efficient, will be a formidable challenge. The new Energy, Industry and Mineral Resources Ministry, under

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New Saudi Minister is Believer in Reform and Low Oil Price

By Dmitry Zhdannikov and Rania El Gamal LONDON/DUBAI, May 8 – It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia’s health minister, Khalid Al Falih, a favorite to take over the oil ministry from his mentor Ali Al Naimi, was not panicking. Falih told an audience of oil executives,

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Reforming Saudi Arabia

BY Mohammed Al Sabban The world, not only the Saudis, monitored the announcement of the kingdom’s Vision 2030 last week. A well rounded plan, which primarily aims at achieving a gradual but steady diversification of the country’s revenues, away from its current total dependence on oil as a main source of revenue. Though many were

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Saudi Prince Unveils Sweeping Plans to End “Addiction” To Oil

By Samia Nakhoul, William Maclean and Marwa Rashad RIYADH, April 25  – The powerful young prince overseeing Saudi Arabia’s economy unveiled ambitious plans on Monday aimed at ending the kingdom’s “addiction” to oil and transforming it into a global investment power. Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its

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The Economic Foundations for Privatizing Aramco

By Omar Al Ubaydli WEB EXCLUSIVE — Saudi Deputy Crown Prince Amir Muhammad bin Salman Al Saud recently proposed the privatization of the national oil company, Aramco. Many analysts’ initial reaction was that Saudi Arabia must be in dire straits if it is even considering—let alone actually implementing—such a policy. However, Prince Muhammad did actually

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