Alwaght- Saudi officials Mull selling their oil giant company in order to cover their huge budget deficit resulting from war costs in Yemen.
The Saudi al-Eqtisadiah daily reported an unnamed official as saying that the kingdom will sell 49 percent of its Aramco to cover expenses.
Based on the report, the sale will be carried out over a 10-year period, and that the income from the sales will be spent "at home and abroad."
The shares of the Saudi oil giant will be publically offered in 2018 with an initial sale of a five-percent share that will form the backbone of a fund holding $2 trillion in assets, which is thought to become the world’s largest state investment fund.
Aramco chief Amin Nasser said that the company will start publishing quarterly results in an attempt to attract future investors as of next year.
On Thursday, Saudi Arabia forecast that its budget deficit for next year will be about $53 billion despite economic measures adopted by the government.
Riyadh is currently dealing with economic struggles brought on by a budget deficit of nearly $100 billion caused by a sharp slump in oil prices as well as Riyadh’s rising army expenditure, a large amount of which is being funneled into a military campaign against Yemen, where over 11,500 people have been killed and many more injured.
In early December, Saudi King Salman bin Abdulaziz Al Saud acknowledged that some of the economic measures adopted by the government are “painful,” but the policies are needed to avert more complicated financial woes.