Published: Tue, March 13, 2018
Culture | By Stewart Greene

Saudi Arabia used abuse to seize billions during purge

Saudi Arabia used abuse to seize billions during purge

In addition, while some Saudi officials - reportedly including Crown Prince Mohammed himself - are said to favor a listing on the NY exchange, others involved in the process have said that a presence in the United States could expose the kingdom to lawsuits.

London still had a good chance to secure the listing, which would value the company at $2-trillion, but a foreign flotation would likely happen only in 2019 at the earliest, according to the FT.

Initially planned for 2018, preparations have been hit by rows over whether Aramco should list on major Western markets at all.

The United Kingdom and Saudi Arabia have signed a Memorandum of Understanding (MoU) to collaborate on developing new clean energy technologies.

Saudi Arabia themselves have qualified for this summer's World Cup in Russian Federation - while Iraq missed out.

Based on the assumption that another $100 billion would be added through an Aramco initial public offering, the kingdom's weighting would rise to about 4%, which would be bigger than Russia's weighting of 3.4%, for example.

Saudi Arabia is understood to be close to entering a recession after the country spent a third of its reserves in the last three years following a drop in oil prices. They are preparing them for the implementation of the Royal Order in June this year. Saudi Arabia officials have been talking about opening the country to tourism since 2016.

In response to questions by the New York Times about the claims of abuse, an official at the Saudi Embassy in Washington, DC, told the newspaper: "All allegations of abuse and torture of those investigated during the anti-corruption proceedings are absolutely untrue".

In November, US President Donald Trump publicly courted Saudi officials to list Aramco on the New York Stock Exchange on Twitter.

Saudi Aramco said on Monday it was still reviewing its options for the initial public offering.

Officials have said they are in the process of recovering $107 billion (87 billion euros) seized in the crackdown, in the form of property, securities and cash, handed over by the suspects in exchange for their freedom.

Like this: