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Tag: Saudi

Labour turns up heat over Saudi Aramco float

Labour turns up heat over Saudi Aramco float

Business
Labour is seeking to increase the pressure on ministers over a $ 2bn loan guarantee to Saudi Arabia's state oil company as it weighs a London flotation that would become the biggest stock market listing in history.Sky News has seen a letter to Philip Hammond, the Chancellor, in which his Labour shadow John McDonnell‎ demands to know details of discussions between the Government and its Saudi counterparts about the prospective flotation of Saudi Aramco.The letter, sent on Tuesday, will turn up the heat on the Government amid continuing questions over the legitimacy of efforts to persuade the S‎audis to list the company in the UK.Saudi Aramco has been estimated to be worth between $ 800bn and $ 2trn, but even at the lower end of that scale would become one of the most richly valued public co
Saudi Arabia, Kuwait warn citizens to leave Lebanon immediately

Saudi Arabia, Kuwait warn citizens to leave Lebanon immediately

World
Nov. 9 (UPI) -- The foreign ministries of Saudi Arabia and Kuwait are warning their citizens in Lebanon to leave the country as soon as possible."Due to the situations in Lebanon, the official source at Saudi Arabia's Ministry of Foreign Affairs stated that the Saudi nationals visiting or residing in Lebanon are asked to leave the country as soon as possible," the Ministry tweeted on Thursday.Kuwait's Ministry of Foreign Affairs announced a similar measure later in the day.Saudi Arabia and Kuwait also advised their citizens against traveling to Lebanon. Bahrain issued a similar warning on Sunday, urging its citizens to "exercise caution" in leaving Lebanon.The warnings come amid rising tensions in the Middle East. In a broadcast from Riyadh, Lebanon's Prime Minister Saad Hariri resigned la...
Saudi princes held in 'corruption crackdown'

Saudi princes held in 'corruption crackdown'

Business
Saudi Arabia has detained 11 princes as well as several current and former ministers, amid an anti-corruption crackdown by King Salman.Among those to be held was the prominent billionaire businessman Prince Alwaleed bin Talal.The nephew of the Saudi monarch is chairman of Kingdom Holding, one of the largest shareholders in the banking giant Citigroup, which also holds a stake in Twitter.Image:Prince Alwaleed bin Talal has been detained. File pic The head of the powerful National Guard and son of the late King Abdullah, Prince Miteb bin Abdullah, was also detained in the sweeping purge which consolidates the power of heir to the throne, Crown Prince Mohammed bin Salman.The crackdown came after King Salman announced the creation of a new anti-corruption committee late on Saturday night, head...
Billionaire prince among dozens arrested in Saudi sweep

Billionaire prince among dozens arrested in Saudi sweep

World
Saudi Arabia has arrested dozens of princes and former officials, including a well-known billionaire with extensive holdings in Western companies, as part of a sweeping anti-corruption probe that further cements control in the hands of its young crown prince. A high-level employee at Prince Alwaleed bin Talal's Kingdom Holding Co. told The Associated Press that the royal was among those detained overnight Saturday. The employee, who spoke on condition of anonymity due to fear of repercussions, said he received calls from several security bodies notifying him of the arrest. The surprise arrests, which also reportedly include two of the late King Abdullah's sons, were being hailed by pro-government media outlets as the greatest sign yet that Crown Prince Mohammed bin Salman is serious about ...
Trump pitches for $2 trillion Saudi Aramco oil float

Trump pitches for $2 trillion Saudi Aramco oil float

Business
President Donald Trump has made a pitch to Saudi Arabia to float the world's biggest oil company in the US.He tweeted: "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!"The proposed share flotation will see 5% of the state-owned company sold in an Initial Public Offering next year.It is expected to list domestically and on at least one foreign exchange with New York and London vying for the deal.The Aramco IPO is expected to be the largest in history, raising around $ 100bn in revenue for the Saudi kingdom. If listed in London, it could be worth up to £56bn for the London Stock Exchange.Mr Trump was tweeting at the beginning of an 11-day trip to Asia which will take the president and First Lady Melania Trump