United Kingdom and Saudi Arabia to together boost economies in developing countries

Saudi establishes units specialising in anti-corruption

Saudi establishes units specialising in anti-corruption

Meanwhile, Saudi Crown Prince Mohammad bin Salman, who is identified as the architect of the crackdown, is planning to come to the United States this month seeking American investments.

King Salman's offer was made in a telephone call to Iraqi Prime Minister Haider al-Abadi on Monday, following Iraq's 4-1 defeat of Saudi Arabia in a friendly - the first between the two countries for almost four decades.

The FT report said London had a "good chance" of securing the listing, citing insiders briefed on the negotiations.

MSCI will give its decision in June and, if positive, the reclassification would be in two steps in May and August 2019.

Saudi Arabia had sought to list 5% of Aramco's at some point this year in what would be the biggest IPO ever in terms of proceeds.

They have denied any allegations of abuse and have portrayed the Ritz episode as an orderly legal process that has wound down.


According to tour company Abercrombie & Kent, which already takes visitors to Saudi Arabia under the existing visa rules, women need to wear headscarves in accordance with the country's conservative laws and stay with the group during the visit. Looking at single country equity funds, Saudi Arabia attracted record setting flows as investors looked for alternatives to Russian Federation and Turkey, the data showed.

The New York Stock Exchange, the London Stock Exchange and the Hong Kong Stock Exchange are among the front-runners to capture the foreign market listing.

Saudi Aramco said on Monday it was still reviewing its options for the initial public offering. But with a total capitalisation of about $475 billion, it could struggle to absorb Aramco without the participation of foreign funds.

The government said it raised more than $100 billion from financial settlements made with the detainees in exchange for their freedom.

Some people in the energy industry also say that Aramco could face pressure from investors because the company has not gone through the cost-cutting that Western oil companies, like Exxon Mobil, have undertaken in recent years.

"They can do a nominal 2% to 2.5% listing", one of the sources said.

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