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Tuesday, 13 December 2016

Saudi Arabia Plans to Take Its Biggest and Best Companies Global - Bloomberg

Saudi Arabia Plans to Take Its Biggest and Best Companies Global - Bloomberg:
"Saudi Arabia has hired consultants to advise on plans to create top global companies in industries from petrochemicals to telecommunications as it seeks to bolster its economy and reputation, according to people with knowledge of the matter.

The kingdom has identified about five companies -- including Saudi Arabian Oil Co., Saudi Basic Industries Corp. and Saudi Telecom Co. -- that fit the profile and has asked advisers to draw up policies that will boost their international competitiveness and profile, the people said, asking not to be identified as the plans aren’t public. The country is also studying industries in which it can be a leading player and incentives such as access to funding, the people said.
Saudi Arabia is keen to emulate the example of South Korea where companies like Samsung Electronics Co Ltd. have become household names, according to the people. Regionally, Abu Dhabi is merging its two largest lenders -- National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC -- to make its financial services industry more internationally competitive."

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