Saudi Arabia replaces Aramco chairman with MBS ally ahead of IPO | Financial Times:
Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and appointed Yasir al-Rumayyan, a close ally of crown prince Mohammed bin Salman, to the role ahead of its planned blockbuster stock market listing.
Mr Rumayyan, who is on the board of Saudi Aramco, has gained in stature and influence in recent years as the head of the country’s sovereign wealth fund, the main vehicle through which Prince Mohammed has sought to diversify the kingdom’s economy away from oil.
The Public Investment Fund is scrambling for cash to fund Prince Mohammed’s domestic bet and international investments in ride-hailing company Uber, electric carmaker Tesla and SoftBank’s Vision Fund.
No comments:
Post a Comment