Saudi Arabia’s King Salman issued a royal decree replacing the previous energy minister, Khalid al-Falih with one of the King’s sons. Khalid’s replacement is Prince Abdulaziz bin Salman, who has a lifetime of experience in the energy sector and has held senior roles in the energy ministry for more than three decades. In other news, a Reuters report has stated that Saudi Aramco is expected to give lead roles to the following banks as part of their long awaited IPO: Morgan Stanley, Citi, Goldman Sachs, HSBC, Samba and JPMorgan. The first phase of the IPO is expected to be completed this year.
To read more about this and more of this week’s news from the Kingdom, click here.
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