Aramco IPO proceeds to fund Saudi industry, including defense: finance minister - Reuters:
Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defense industry amid tensions with Iran, its finance minister said on Tuesday.
Mohammed al-Jadaan told Reuters there were “serious efforts” to reduce antagonism between Washington and Tehran after a top Iranian general was killed in a U.S. air strike and Iran retaliated with missile attacks against American bases in Iraq.
“If you look at history, we in this region have managed to weather through worse geopolitical situations, including actual, real wars,” he said in an interview on the sidelines of the World Economic Forum.
“We in Saudi have to focus on the economy and reform ... We firmly believe the disputes can only be resolved by dialogue.”
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