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Aramco listing on track for 2018

DUBAI: Saudi Aramco’s initial public offering will take place in 2018 as planned and the listing venue will be revealed in due course, the company’s chief executive said in a CNBC interview broadcast.

'We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018,' CEO Amin Nasser said, later adding: 'The IPO is on track. The listing venue will be discussed and shared in due course.'

Aramco is preparing to list about 5 per cent of its shares in local and international stock markets.



Aramco to set up new unit

RIYADH: State oil giant Saudi Aramco plans to set up a new construction company with local and international partners to build non-oil infrastructure in Saudi Arabia, reported Reuters, citing senior industry sources.

Saudi Arabia’s main sovereign wealth fund, the Public Investment Fund (PIF), is expected to be part of the newly created company, which will eventually have thousands of employees, stated sources. Local companies including Nesma & Partners, Al Rashid Trading & Contracting Company, Azmeel Contracting, El Seif Engineering, have welcomed the plan and expressed interest in the project, stated the report.




Honeywell wins Dewa deal

DUBAI: Dubai Electricity and Water Authority (Dewa) has appointed Honeywell to help deliver a first-of-its-kind smart energy project in the Middle East, which will see Honeywell provide a further 150,000 smart meters in addition to the 250,000 it has already deployed across Dubai. The multi-million-dollar initiative will enable Dubai to manage electricity use more effectively within the residential sector across the city.




Saudi firms eyeing solar energy

RIYADH: More and more Saudi companies are turning to solar electricity to hedge the risk of rising power prices if energy subsidies are cut, reported Bloomberg citing one of the kingdom’s biggest plant developers. 'Everybody is very convinced that electricity prices are going to be reformed over the next three years,’’ stated Acwa Power International CEO Paddy Padmanathan.

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