Saudi Aramco plans investment

A Saudi Aramco official on Monday said the company aims to spend more than USD 300 billion across various sectors in an effort to maintain oil production capacity over the next nine years.

Speaking in Bahrain, vice-president for procurement and supply chain management Abdulaziz Al Albdulkarim said Saudi Aramco would pour USD 334 billion into the infrastructure and associated services sectors, as well as direct investment towards industry-related projects through 2025.

The news coincided with a statement by the Saudi Arabian Monetary Agency, the country’s national bank, that it would prop up the banking sector by giving USD 5.3 billion worth of time deposits. Analysts in Monday lauded the move, saying it signalled the government’s readiness to support the Saudi Arabian banking sector ahead of the country’s first international bond sale.

The sale, which is expected to raise more than USD 10 billion, will be a precursor to the gradual return to the market of Citigroup. A lead adviser on the bond sale, the US financial services giant is reportedly working to capitalise on opportunities in Saudi Arabia, sources familiar with the matter told Bloomberg on Sunday.