over the next five years, which should increase state revenues, in our view. A share sale may also facilitate international borrowing on the back of Saudi Aramco’s balance sheet. Saudi Aramco also announced it would look to set up a corporate debt program to fund its NTP initiatives, although issuance does not a

e simultaneously holding the Chairmanship role of Saudi Aramco. Furthermore, according to local press, Al-Falih

istema JSFC The NASDAQ OMX Group International Herald Tribune VimpelCom Ltd CNBC Allianz Global Investors AG Braskem SA CBS News Sasol Limited Saudi Aramco Skandinaviska Enskilda Banken (SEB) International Food Policy Research Institute (IFPRI) Germany Chile Germany Japan USA Switzerland Germany USA

ance, growth and profits are better than the previous. All of these will maximize the size of the Public Investment Fund, on top of this the offer of Saudi Aramco. * His Highness the prince, What about Aramco? - As we state, the most important offer in the Public Investment Fund is the ARAMCO offer. This will

ia, specifically targeting populated areas and civilian infrastructure, including: the cities of Riyadh and Jeddah, Riyadh's international airport, Saudi Aramco facilities, and vessels in Red Sea shipping lanes • These groups are also in possession of unmanned aerial systems, or drones, which they have use