Economics
It's Not Just Aramco, Saudi's Privatization Push Is Slowing Down
- Expectations of reform pace ‘wildly optimistic’: Lighthouse
- Delayed sale of flour-milling companies is moving forward
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Aramco may have grabbed the biggest headlines, but the oil giant’s delayed initial public offering is just the latest sign of Saudi Arabia’s slowing privatization push.
The program is part of Crown Prince Mohammed bin Salman’s Saudi Vision 2030 to transform the economy and envisages the sale of stakes in ports, railways, utilities and airports. When the government began to consider the plans almost three years ago, Brent crude traded at less than $40 a barrel.