Saudi king calls on Iran to abandon its expansionist and subversive thought

UNITED STATES (OBSERVATORY NEWS) — Saudi Arabia’s King Salman has called on the Iranian regime to “abandon its expansionist and subversive ideology that has harmed its people before others” in a speech to the Shura Council on Wednesday.

“The kingdom does not seek war because its long-standing hand for peace is too high to harm anyone, but it stands ready to defend its people firmly against any aggression,” the king said.

On the Yemeni issue, the King hoped that a recent agreement between the internationally recognized government and the southern separatists would open the door to wider understandings among the Yemeni components to reach a political solution to the conflict since 2014, in which the Kingdom is participating at the head of a military alliance against the supported Houthis. From Iran .

King Salman: Aramco IPO will boost investments and create thousands of jobs

The Saudi king praised Aramco’s IPO move , saying it would attract investments, in his first statement on the sale of historic shares.

King said that the “Declaration put part of Aramco ‘s shares will allow investors inside and outside the Kingdom to contribute to this pioneering company in the world , ” adding that it would lead to thousands of jobs, and enhances the Saudi financial market size. ”

The king saw that subscribe Aramco” will enhance transparency and system Corporate governance in line with international standards.

In his speech, the king joins officials who have invited the Saudis to heavily subscribe to the company, which is seen as the mainstay of the kingdom’s economy and social stability.

Aramco was expected to sell 5 percent of its shares in the domestic financial market and an unspecified foreign exchange, but recently announced plans to float outside Saudi Arabia were delayed.

The offer was delayed several times because of Prince Mohammed bin Salman’s insistence on valuing the company at $ 2 trillion, according to sources familiar with the file.

The company, which pumps about 10 percent of the world’s oil per day, will set the final price on Dec. 5, with actual trading in the local financial market starting days later.

The Kingdom of Saudi Arabia is looking to collect billions of dollars from the sale of a fraction of the world’s most profitable companies, with the aim of financing major projects in the process of preparing the largest Arab economy for the post-oil era, which is the cornerstone of the economic reform program of the Crown Prince “Vision 2030”.

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