International Finance
Oil & Gas

New Aramco chairman takes charge, assures transparency

Yassir Al Rumayyan’s appointment is a clear indication that Saudi Arabia is fast-tracking a local listing of Aramco

Yassir Al Rumayyan, who was recently appointed as the new chairman of Aramco is also taking control of the Aramco IPO Executive Committee. His appointment as Aramco chairman is a clear indication that Saudi Arabia is preparing for a local listing of Aramco as early as next year.

The committee directly reports to Crown Prince Muhammad Bin Salman. Yassir Al Rumayyan took over control as the Aramco IPO committee chairman from finance minister Mohammed Al Jadaan. He also replaced Saudi Arabia’s energy minister Khalid Al Falih as the chairman of Saudi Aramco.

Saudi Arabia wants to sell a 5 percent stake in Aramco as part of an ambitious plan to transform the Saudi economy and wean it from its reliance on oil.

Aramco’s IPO, which will be the world’s biggest IPO, has been repeatedly delayed. An IPO was planned as early as in 2017, but was put on hold. Now, the IPO is scheduled to take place in 2020 or early 2021.

After his appointment as the new chairman of the Board of Directors of Aramco, Yassir Al Rumayyan promises the highest standards of transparency, also efficiency and effectiveness. In Aramco, he previously held the role of a board member and also acted as a key adviser to Crown Prince Mohammed Bin Salman.

Before his appointment as the chairman of Aramco, Yassir Al Rumayyan served as the governor of the Saudi Public Investment Fund since 2017. Besides being appointed as an adviser to the Royal Court in 2015, he also holds the role of a board member in Uber Technologies and Japan’s SoftBank.

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