Saudi king touts reforms, Aramco IPO in annual address

Saudi King Salman uses annual address to the nation to tout reforms and stress importance of Aramco IPO

Saudi King Salman touted his country’s reforms in his annual address and stressed the importance of his government’s decision to publicly list shares of the state-run oil giant Aramco.

The success of the offering of 1.5% of the world’s most profitable company is heavily dependent on the contribution of local Saudi investors and funds. The king’s son and heir, Crown Prince Mohammed bin Salman, has touted the IPO as a way to create revenue for new projects that create jobs for young Saudis.

King Salman also commended his government’s decision to grant tourist visas, describing the move as a way to attract investments, create jobs and showcase Saudi heritage and culture.

The monarch’s remarks were delivered before the consultative Shura Council, senior clerics, ministers and princes.