DUBA: Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by US-based EIG Global Energy Partners that had agreed to buy a 49 percent equity stake in Aramco Oil Pipelines Co.
Aramco in April agreed to sell a minority stake in its pipelines for $12.4 billion to a consortium led by EIG, the company’s largest deal since its record $29.4 billion initial public offering in late 2019.
Aramco will keep 51 percent of the newly formed Aramco Oil Pipelines Co. which has the rights to 25 years of tariff payments for oil carried on Aramco’s pipelines.
Mubadala in statement to Reuters did not disclose how much it would invest in the deal.
Sources had told Reuters earlier that EIG was in talks to sell part of the equity portion to buyers including Mubadala, Chinese investors, pension funds in Saudi Arabia and the UAE, as well as a small piece to US pension funds, the source added.
The deal is backed by staple financing of $10.5 billion provided by international and regional banks.
Abu Dhabi’s Mubadala joins EIG-led consortium buying Aramco pipeline stake
Abu Dhabi’s Mubadala joins EIG-led consortium buying Aramco pipeline stake
Saudi Arabia merges National Competitiveness Center and Saudi Business Center
RIYADH: Saudi Arabia has merged the National Competitiveness Center and the Saudi Business Center under a unified entity named the Saudi Competitiveness and Business Center to streamline business reforms.
The decision was announced during the Cabinet session held in Jeddah on Feb. 24 and chaired by Crown Prince Mohammed bin Salman.
Majid Al-Kassabi, minister of commerce and chairman of the boards of both centers, praised the leadership’s continued support for the private sector, saying the merger will enhance Saudi Arabia’s competitiveness and elevate its ranking in relevant international indicators and reports.
He said the decision will enhance the Kingdom’s competitiveness and elevate its ranking in relevant indicators and reports. It will also facilitate procedures for starting and conducting economic businesses and provide all related services and work by adopting the best international methods and practices.
Al-Kassabi said the Saudi Competitiveness and Business Center will continue delivering more than 6,000 government services to the business sector, in integration with relevant government entities, at the highest levels of quality and innovation. Services will be provided through the unified business platform and 20 branches across 15 cities.
He said the merger will unify channels for monitoring challenges facing the private sector and implement targeted reforms to facilitate business, adding that it will enhance the Kingdom’s global competitiveness and maximize the benefits of partnerships with local and international entities and organizations, especially in knowledge transfer and the exchange of expertise.
He said the center will work with the public and private sectors to place the Kingdom among the world’s most competitive countries and make its business environment a global model for the quality, smoothness and efficiency of government services directed to the business sector.
