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Home Latest News

Saudi Aramco’s worth may be just $1.1 trillion

byCT Report
10/04/2017
in Latest News
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RIYADH: Saudi Arabia faces a significant budget deficit with billions of dollars in debts to private firms, largely in the construction business, after a drop in global oil prices by about half since 2014. This has brought the British government under fire for its controversial arms deals with Riyadh, particularly in light of the Saudi-led coalition’s ongoing war in Yemen. “We will be supporting that through the aid and support that we give”, she said. In a veiled attack on those critical of UK-Saudi relations, May said that “rather than just standing on the sidelines and sniping” it is “important to engage, to talk to people, to talk about our interests, ” including “difficult issues”.

Theresa May has defended her trip to Saudi Arabia, saying the UK’s relationship with the kingdom is important “for our security, for trade and the future”. During a 1985 visit to Saudi, Britain’s first female prime minister wore a hat, gloves and a dress that covered her feet. “We have no difficulty in raising hard issues with those that we meet with, be it in Saudi Arabia or elsewhere around the world”, May told reporters in Jordan before heading for Saudi Arabia where she is expected to meet senior officials including Crown Prince Mohammed bin Nayef. ‘I’ve talked to the Saudis on a number of occasions now and I raise issues of this sort. Rights groups including Amnesty International and Human Rights Watch have called for an end to arms sales from Britain and the United States to Saudi Arabia over the coalition s actions in the Arabian Peninsula state.

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At least 10,000 people have been killed during the war, according to the United Nations. Britain is also set to become a leading partner in the kingdom’s efforts to reform and modernise under its Vision 2030 programme. Contrary to Foreign Office guidelines, which state: “Women should wear conservative, loose-fitting clothes as well as a full length cloak (abaya) and a headscarf”, May stepped off a plane in the Saudi capital of Riyadh on Tuesday without the headscarf the kingdom favors for women. Vision 2030’s goals included increasing women’s participation in the workforce from 22% to 30%. Saudi women who want to work have the enduring disadvantage of the Kingdom’s male guardianship system, which means women can not travel or even access some forms of healthcare without permission from a male relative. “I think we have already seen some changes”. Princess Reema is the first Saudi woman to hold a government position and is the vice-president of women’s affairs.

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