The planned listing of Saudi Aramco is on track according to the government. Saudi Aramco/Handout
The planned listing of Saudi Aramco is on track according to the government. Saudi Aramco/Handout

Saudi Arabia says initial public offering of Aramco on track



Saudi Arabia, the largest economy in the Arab world, which is undertaking a widescale economic reform programme to lessen its dependence on oil revenue, said its plan to sell a stake in Aramco, the world's biggest oil producing company, is on track as the kingdom refines its National Transformation Program (NTP).

"The government privatization programme continues to gain traction and the plan for an initial public offering (IPO) of a stake in Saudi Aramco remains on track," said a spokesman for the Ministry of Culture and Information.

"The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO-related requirements are completed on time and to the very highest standards."

The government statement did not say how much precisely it plans to sell, but Crown Prince Mohammed bin Salman has previously stated it would be as much as 5 per cent of the company, which is valued at US$2 trillion. The listing would be the world's biggest IPO and may raise as much as $100 billion for the state.

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At the same time, the government said it was fine tuning the NTP to make it more efficient. The new version of the multi-pronged reform initiative will be called NTP 2.0.

"A significant focus of NTP2.0 will be to improve efficiency and effectiveness of delivery across institutions," the Ministry of Information said.

"With more than half of the strategic objectives under NTP1.0 now assigned to the other Vision Realization Programs, NTP 2.0 will focus on 36 strategic objectives by allocating them to various NTP portfolios."

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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