December 9, 2019 / 5:24 PM / 2 months ago

Reinvesting Aramco IPO money will aid government revenues: minister

FILE PHOTO: A sign of Saudi Aramco's initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

DUBAI (Reuters) - Saudi Arabia’s finance minister on Monday said that reinvesting money from the initial public offering (IPO) of oil group Saudi Aramco would help to create more revenue channels for the government.

Speaking after the release of the 1.02 trillion riyals($272.00 billion) 2020 budget, Mohammed al-Jadaan said the budget’s revenue expectations were conservative in light of the gloomy global economic outlook.

Reporting by Marwa Rashed and Davide Barbuscia. Editing by Jane Merriman

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