RIYADH, Nov. 20 (Xinhua) -- Saudi King Salman bin Abdulaziz Al Saud said on Wednesday that the revenues of the Saudi Aramco's initial public offering will be channelled to Saudi Arabia's sovereign wealth fund to boost investment inside and outside the kingdom, the Saudi Press Agency reported.
King Salman made the announcement in his speech during a Shura Council opening session, where he said Aramco's IPO would greatly enhance the size of the Saudi financial market in line with advanced international markets.
He also said Saudi Arabia is determined to carry on with its reform programs to raise its competitiveness to become one of the 10 most business-friendly countries in the world.
The Saudi king referred to opening of the tourism sector and issuing tourist visas as part of the steps to attract and diversify investments in the sector.
"It provides great job opportunities and a cultural bridge to connect with the world to share our rich heritage and civilizational landmarks," he said.
On Saudi Arabia's host of the G20 summit in 2020, King Salman said it is another evidence of the pivotal role of the kingdom in the global economy.
"We hope that the ambitious program ... will contribute to the enhancement of the kingdom's march to serve the interests of all countries," he said.
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