Job Discussion Forums

[cnthaiksarok]

Saudi Aramco is preparing its financials for its initial public offering, but the oil company's debut likely won't be on a New York exchange.

Saudi Aramco will likely be listed on an Asian exchange, either Tokyo or Hong Kong, with a dual listing in Riyadh as Asian exchanges have looser disclosure requirements, according to sources in a Financial Times article Thursday.

While Aramco is still mulling listings in New York or London, prospects for a U.S. exchange are lower, due in part to a new law that allows families of 9/11 victims to sue the Saudi government, the FT added.

The state-run oil giant could be valued at over $2 trillion and beat out Apple (AAPL) as the world's largest listed company. The sale of part of the massive company is part of the Saudi Vision 2030 plan debuted in April that would reduce Saudi Arabia's dependence on oil for its economy. The Kingdom's finances are being squeezed by lower oil prices and last month Riyadh cut government workers' salaries for the first time.

more here: http://www.investors.com/news/saudi-aramco-readies-for-ipo-but-likely-wont-be-on-u-s-exchange/

[veiledsentiments]

I certainly wouldn't invest my retirement funds in a non-transparent company like this...

VS

[plumpy nut]

More money for palaces and trips to the US and Dubai, and to prop up salaries for the useless Saudi employees. Saudi Arabia is a black hole that gobbles up oil revenue that is increasingly no longer available.

[TravelingMuslim]

Would a successful ARAMCO IPO help put salaries back to the older levels (even if it be for just a few years) or is that too optimistic for this forum?

I mean, if ARAMCO is valued at a $2 Trillion dollar company, and they plan to sell 5%, then surely an influx of $100 Billion dollars would have some fraction reach the MOE that would then allocate a portion to teacher salaries?

They didn't shy away from giving good salaries in the past when they had the money. Why believe they won't do it again?

(Here's hoping for some rational counter-arguments)

[veiledsentiments]

I would definitely not count on that. First they have to dig themselves out of the huge budgetary hole that they have dug. Next they will be putting back the funds that they have been pulling from their investment portfolios to pay expenses the last couple years. Next on the list will be all the royal family, followed by the high wasta families, shortfalls over the last few years. Then they will raise the pay and benefits of the rest of the Saudis on the payroll.

And now that they have figured out that they can get teachers for a pittance, why should they raise the pay?

VS

[I-forgot]