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Monday, 19 June 2017

Saudi Aramco strives to curb its state role before IPO

Saudi Aramco strives to curb its state role before IPO:

"More than 60,000 fans packed into Saudi Arabia’s Shining Jewel sports arena at its opening ceremony in May 2014, before the final of the country’s main football tournament. The inauguration featured a stunning fireworks display in honour of the late King Abdullah bin Abdulaziz Al Saud, who had commissioned the stadium in Jeddah to showcase Saudi’s place as a leading Arab nation. The arena was built swiftly and to a high quality. But the work was not managed by a specialist contractor — it was the endeavour of the state-owned energy behemoth Saudi Aramco. Amin Nasser, chief executive, said on accepting an award for architectural excellence last year that the company “continues to support the progress of the nation”. Projects such as the Shining Jewel reflect how Saudi Aramco’s role stretches far beyond its status as the world’s largest oil company and the source of 70 per cent of the Saudi government’s revenue. Saudi Aramco has been responsible for a significant chunk of the modern kingdom’s vital infrastructure by building schools, hospitals and roads — the company has even worked with the government on a programme to eradicate malaria."

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