Saudi Aramco Plans to Acquire More Shareholding Companies

Published October 30th, 2019 - 08:22 GMT
The separation of Aramco from the Ministry of Energy was to prevent conflicts of interest.
The separation of Aramco from the Ministry of Energy was to prevent conflicts of interest. (Shutterstock)

Saudi Aramco will acquire more shareholding companies in the future, said Yasir bin Othman Al-Rumayyan, Governor of the Public Investment Fund. 

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Speaking at the  Future Investment Initiative conference being held in Riyadh, he pointed out that the separation of Aramco from the Ministry of Energy was to prevent conflicts of interest, a Saudi Press Agency report said.

He added that Saudi Arabia seeks to create jobs and the growth of GDP and all economic factors that benefit society and achieve all these goals, stressing that there are a number of negative or positive elements , such as trade war; it is a big factor that not only affects two countries but also extends to the whole world.

The PIF Governor pointed out that there is a long-term perspective to lead changes between investments and sovereign funds and investment and companies, urging these parties to be a force not only in the areas of economy and finance.

The conference discussed the future of global economy in a session entitled “The next decade: How will a new era of economic ambition shape the global economy?”

Participants tackled diverse ways to boost growth amid growing uncertainty in the global economy over the next 10 years, said a Saudi Press Agency report.

The first part of the session titled "View from the U.S. and Europe" hosted Al-Rumayyan; Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, Bridgewater Associates, US; Noel Quinn, Group Chief Executive, HSBC Holdings, UK; Stephen A Schwarzman, Chairman, CEO, & Co-Founder, The Blackstone Group, US; John Waldron, President and COO, The Goldman Sachs Group, US.

Al-Rumayyan stressed the importance of adjustment that creates stability, pointing out that the Public Investment Fund is making influential investments in a number of areas including housing, health care, renewable energy, and many other sectors, as these large investments can achieve economic security.

The second part of the session titled "View from the Middle East and Asia" hosted Al-Rumayyan; Khaldoon Khalifa Al Mubarak, CEO and Managing Director, Mubadala Investment Company, UAE; Kirill Dmitriev, CEO, Russia Direct Investment Fund, Russia; and Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited, India.

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