Saudi Vision 2030 to drive Aramco’s growth, says CEO

Saudi Arabia’s Vision 2030 plan is expected to be a major driver for Saudi Arabian Oil Co.’s (Saudi Aramco) growth by boosting its existing initiatives, the company’s chief executive Amin Nasser said on Twitter.

The vision will be a “major boost” to initiatives such as the In-Kingdom Total Value Add (IKTVA) and renewable energy programs, he said, adding that the company would “continue the journey of transformation in implementing large strategic investments.”

CEO Nasser: KSA downstream expansion can drive SME growth focused on high-value manufacturing.

— aramco | أرامكو (@Saudi_Aramco) April 25, 2016

Meanwhile, the company’s chairman Khalid Al-Falih said in a separate tweet that the planned Aramco IPO will likely attract new capital flows to the kingdom and help boost foreign investors’ confidence in the firm.

Al-Falih: IPO will attract new capital to diversify economy, increase global confidence in the company and showcase its excellence

— aramco | أرامكو (@Saudi_Aramco) April 25, 2016

Under the new strategy is the proposed conversion of Aramco into an energy holding company, in which the energy giant would float a five percent stake in an initial public offering (IPO).

On Monday, the Saudi cabinet approved the Saudi Vision 2030 program to prepare the kingdom for a post-oil economy. The strategy was submitted by the Council of Economic and Development Affairs, which is headed by Deputy Crown Prince Mohammed bin Salman.