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Report: Saudi Aramco to Sell More Assets

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Report: Saudi Aramco to Sell More Assets

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

The world’s largest oil company, Saudi Aramco, is planning to raise tens of billions of dollars by selling more stakes in its businesses, Bloomberg reported this week.

The Saudi Arabian state-controlled firm created a new team to review its assets last year, soon after the coronavirus pandemic triggered a plunge in energy prices and strained its balance sheet, it said.

Aramco raised $12.4 billion by selling leasing rights over oil pipelines to a US-led group of investors in April.

The sales will continue in the next few years, according to Abdulaziz Al Gudaimi, senior vice president for corporate development.

They will happen “irrespective of any market conditions” and Aramco aims to generate “double-digit billions of dollars,” Al Gudaimi said in an interview.

“It’s a strategy meant to create value and create efficiency, it’s not about a specific capital target or financing the dividends of the company.”

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Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
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Sultan of Oman Stresses Private Sector’s Role, Alongside Government, in Employing Citizens

Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)
Sultan Haitham bin Tariq met on Monday at Al-Baraka Palace with business leaders, owners of SMEs, and startup representatives. (ONA)

Sultan Haitham bin Tariq of Oman emphasized the role of the private sector in creating job opportunities for Omanis, urging businesses to make use of the economic incentives provided by the government to support local employment.
During a meeting on Monday at Al-Baraka Palace with business leaders, owners of small and medium enterprises, and startup representatives, Sultan Haitham affirmed that addressing unemployment is the top priority for the government.
He underscored the private sector’s responsibility to join efforts with the government in providing employment, training, and development for citizens by leveraging government incentives, programs, and initiatives aimed at supporting the private sector.
Discussing the banking sector, he highlighted its importance as a “cornerstone of modern economies and a key player in economic growth and shaping the business environment.”
The Sultan also pointed to the adoption of the national policy on local content, which aims to enhance the competitiveness and growth of the national economy. He stressed the importance of the private sector’s role in advancing this policy by localizing industries, prioritizing local products in purchasing and tenders, thereby creating job opportunities for Omanis, reducing import dependence, boosting exports, and increasing the GDP.
Sultan Haitham reviewed Oman’s financial and economic performance, noting the positive outcomes achieved through effective government-private sector partnerships. These partnerships have contributed to GDP growth and the continued improvement of Oman’s credit rating, which in turn enhances business and investor confidence, creating an attractive investment climate that supports the growth of various economic sectors.
He also called for strengthened partnerships between the government and private sector to ensure a favorable environment for investment and local economic development.
Sultan Haitham commended the efforts of the Financial and Economic Committee in the Council of Ministers, the Ministry of Commerce, Industry and Investment Promotion, and the Authority for Small and Medium Enterprises Development.
In coordination with the Oman Chamber of Commerce and Industry, these entities hold regular meetings with business leaders and investors to continuously address the challenges facing the private sector, particularly small and medium enterprises, and work towards viable solutions.