fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Non Banking Wealth & Asset Management

Prepping up to diversify the economy Saudi Arabia 🇸🇦 leans on Aramco assets

To regain power and financial strength, Saudi Arabia banks on the world's oil giant – Aramco to transform the economy by offering 1% of its stake.

The Global Economics by The Global Economics
April 30, 2021
in Wealth & Asset Management, Trending, Ultility
Reading Time: 2 mins read
0
Prepping up to diversify the economy Saudi Arabia leans on Aramco assets

Prepping up to diversify the economy Saudi Arabia leans on Aramco assets

829
SHARES
4.6k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

With the drastic fall in the global crude oil price due to the widespread pandemic—a deal as informed by the Crown Prince of Saudi Arabia of offering 1% of stakes of the world leader in oil production, Aramco could take place. The kingdom is planning to rework the economic slump in order to recover from the losses incurred.

Depending on the market value of the company, the deal may cost around $19 billion to a “leading global energy company” which might materialize by 2023. According to Prince’s statement, this deal should be lucrative in the form of higher sales – there is a high expectation of high demand where the potential buyer is located.

For the success of Vision 2030, it is crucial for the country to have solid financial resources to build and diversify the economic status of the country; the crown prince has high hope on Aramco.

The economy of Saudi is majorly dependent on oil and the growth in GDP relates to growth in real oil. Nonetheless, the country has seen a recession with a drop in oil prices and OPEC production shortages in 2020; this, coupled with the pandemic, has crashed the profits of oil giant Aramco.  The financial report states a steep cut of profits to almost $49 billion.  The price has seen an all-time low as global energy markets were hit by pandemic.

Aramco received funds of nearly $30 billion with the initial public offering in 2019 after selling 2% shares on the Riyadh bourse. To stop relying on the oil business, the profits were allocated to the kingdom’s sovereign wealth fund for diverse investments. Other challenges included the debts of Aramco which cost sales of non-core assets to sustain a $75 billion dividend, of which a huge share goes to the state.

The shrink in the economy has been the highest in the three decades; additionally, there is a decline in GDP projection by 4%. The kingdom leans on the assets of Aramco for financial aid, an investment of $12.4 billion in its oil pipelines by a U.S.-led consortium might boost the economy along with a gas pipeline deal.

Tags: aramcobilliondividendcrudeoildiversifyeconomyeconomicslumpgdpglobalcrudeoilleadingglobalenergycompanymarketvalueoandemicoilpipelinesriyadhbourseSaudiArabiasaudieconomyshrinkineconomythreedecades
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit
Ultility

A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit

by Riya Thomas
February 1, 2023
Oil prices rise due to Chinese economic recovery
Ultility

Oil prices rise on stronger Chinese economic recovery.

by Anuj Singh
January 24, 2023
Citadel makes $16 billion profit, marking the biggest dollar gain by a hedge fund in history
Wealth & Asset Management

Citadel makes $16 billion profit, marking the biggest dollar gain by a hedge fund in history

by Riya Thomas
January 23, 2023
OPEC: China To Boost Oil Demand By Up To 500,000 BPD
Ultility

OPEC: China To Boost Oil Demand By Up To 500,000 BPD

by Anuj Singh
January 18, 2023
Ant Group to advance business operations and has no plans to initiate IPO as Jack Ma recedes control
Wealth & Asset Management

Ant Group to advance business operations and has no plans to initiate IPO as Jack Ma recedes control

by Riya Thomas
January 9, 2023
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Bears Have Paused Playing Ahead Of Fed, ECB and BOE Speeches

Bears Have Paused Playing Ahead Of Fed, ECB and BOE Speeches

February 8, 2023
Unlocking Possibilities with ChatGPT: What AI-Assisted Conversation Could Mean for You?

Unlocking Possibilities with ChatGPT: What AI-Assisted Conversation Could Mean for You?

February 7, 2023
AMC Theatre

Want a Seat In The Middle of The Theatre? Pay More: AMC Movies

February 7, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version