Saudi king hosts British finance minister for talks

Saudi Arabia's King Salman hosted British finance minister Philip Hammond for talks in Jeddah on Sunday (July 7th), AFP reported.

The leaders discussed ways to "strengthen economic and financial co-operation" and also reviewed security matters in the wake of "Iranian threats" to regional waterways, the Saudi Press Agency (SPA) said.

Hammond's visit comes after Saudi Crown Prince Mohammed bin Salman reiterated last month that state-owned Aramco's much-delayed initial public offering -- dubbed as potentially the world's biggest stock sale -- would take place in late 2020 or early 2021.

Saudi Arabia has not announced where the listing will be held, but London, New York and Hong Kong have all vied for a slice of the much-touted IPO.

Hammond was accompanied by London Stock Exchange chief David Schwimmer and investment minister Graham Stuart on his two-day visit to Jeddah that began on Saturday, according to a British government statement.

Saudi Arabia plans to sell up to 5% of the world's largest energy firm and hopes to raise up to $100 billion.

The planned IPO forms the cornerstone of a reform programme envisaged by Prince Mohammed to wean the Saudi economy off its reliance on oil.

Do you like this article?

0 Comment(s)

Comment Policy * Denotes Required Field 1500 / 1500