Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy, including building up the domestic defense industry amid tensions with Iran, its finance minister said reutersdavos wef20
DAVOS, Switzerland - 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.
“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. Riyadh and Washington blame the strikes on Iran, which denies involvement but has threatened to close the Strait of Hormuz shipping channel in retaliation for sanctions placed on its crude exports by Western powers.
With nearly $30 billion coming into PIF coffers from Aramco’s local share offering last month, new and existing local industries, including defense and technology, will get a boost in capital, Jadaan said. He also predicted a smaller deficit by the end of the year than announced last month, when Riyadh said it could face a deficit of nearly $50 billion this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
American Family Stuck in Saudi Arabia While Father Stands TrialBEIRUT -- Five months after Saudi Arabia released a doctor with dual Saudi American citizenship from jail, he and seven family members remain barred from leaving the kingdom while he stands trial on charges the United States contends are meritless, a son and a senior State Department official said.Saudi
Read more »
FBI: Saudi Arabia helps citizens charged with crimes flee the U.S.In one case, a Saudi exchange student disappeared from the U.S. just before his 2017 trial on a manslaughter charge in Portland.
Read more »
America is giving Saudi Arabia cover for the worst human rights abuses in decades, watchdog warnsThe European Saudi Organisation for Human Rights' 2019 report warned that the Saudi government's suppression of human rights 'shows no signs of stopping.'
Read more »
BAE’s U.S. pivot can help defuse Saudi discountThe $27 bln UK defence firm has bought satellite navigation and radio businesses from merger partners Raytheon and United Technologies. The $2.2 bln price looks fair. Greater sales in America, and a lesser reliance on Riyadh, should boost the Typhoon-maker’s depressed stock.
Read more »
Norway finance minister quits over IS woman's return from SyriaNorwegian Finance Minister Siv Jensen and her right-wing Progress Party will res...
Read more »