DUBAI: Saudi Arabia’s state oil giant Saudi Aramco plans to pay a base dividend of $75 billion in 2020, it said in a corporate overview posted to its website on Monday as it prepares for an initial public offering (IPO).
Aramco has been courting investors for the IPO, for which it seeks to achieve a $2 trillion valuation.
The document said the company would have “a progressive growing dividend on sustainable basis at board discretion.”
The listing of Aramco, the world’s largest oil company, is the centerpiece of Crown Prince Mohammed bin Salman’s plan to shake up the Saudi economy and diversify away from oil. The IPO appears to be proceeding despite uncertainty over the timeline following a Sept. 14 attack on Aramco’s facilities.
The document on Monday also mentioned the company’s “progressive royalty scheme,” with a marginal rate set at 15% up to $70 per barrel, 45% between $70 and $100, and 80% if the price rises higher.
Saudi Aramco plans to pay base dividend of $75bn in 2020
Saudi Aramco plans to pay base dividend of $75bn in 2020
- Aramco has been courting investors for the IPO, for which it seeks to achieve a $2 trillion valuation
- The company would have “a progressive growing dividend on sustainable basis at board discretion.”
Stc partners with Qiddiya as Six Flags official connectivity provider
RIYADH: Saudi stc Group has announced its partnership with Qiddiya as the official connectivity partner for the Six Flags theme park, providing telecom services, smart city solutions, and an integrated digital infrastructure in line with global standards, coinciding with the park’s official opening.
Under the partnership, stc will deliver an advanced digital ecosystem to enhance visitors’ experiences at Qiddiya, offering high-performance connectivity and smart technologies to facilitate entry and manage visitor flow within the park, ensuring a seamless and safe experience.
The collaboration reflects stc’s commitment to providing advanced digital infrastructure that supports Qiddiya’s ambitions and elevates the visitor experience.
By leveraging smart connectivity, smart city technologies, and innovative payment solutions, stc aims to deliver an integrated and streamlined experience across the destination.
The initiative also highlights stc’s role in supporting the tourism and entertainment sectors with world-class digital infrastructure that aligns with Saudi Arabia’s vision and future goals.
