Saudi Arab

Saudi Arabia Once Again Resorts to Selling Aramco Assets for Liquidity

Saudi Arabia : Due to its aggression against Yemen, Saudi Arabia has drained its reserves and this is evident by the kingdoms’ measures after six years into its aggression.

US Bloomberg quoted sources as saying that Saudi Aramco is considering selling stake in its natural gas pipeline network to help free up liquidity and attract more international investors to the Kingdom.

Bloomberg said Aramco had said it would raise more than $ 12 billion by selling a stake in its oil pipeline unit. Aramco chairman, Yasir Al-Rumayyan, began selling stakes in non-core assets to help preserve the company’s profit, most of which go to the Saudi government.

In light of the financing crisis afflicting with Riyadh, the Saudi trade surplus is declining by 23% on an annual basis, in the first two months of this year, it went down from about $ 17 billion to nearly $ 13 billion.

According to official Saudi data, the Kingdom’s export (oil and non-oil) also declined, during the first two months of this year, by more than six percent on annual basis, from about $ 39 billion to nearly 37 billion.

The US Department of War Pentagon claimed that Washington’s support for Riyadh is intended for its self-defense, affirming its commitment to providing the kingdom with defensive weapons as Riyadh is the first importer of American weapons, while Washington is keen that the Kingdom remains the largest market for its weapons.

It is noteworthy that Saudi Arabia ranked sixth in the world in terms of military spending last year, with 57.5 million dollars, according to what was revealed by the Stockholm International Peace Research Institute. At the end of last year, the Saudi government allocated nearly $ 47 billion for military spending, representing about 18% of the current year’s budget.

Tags

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker