Saudi Aramco announced that it has ruled to dismiss the appeal of the heirs of Khalid Abu Al-Waleed Al-Hood Al-Karkani to the U.S. Federal Court for the Southern District of Texas.
Aramco, the world’s largest oil company, told the local stock exchange that an appeal was filed in its favor in December 2021.
The company has previously stated that the case relates to the plaintiffs’ claim for enforcement of an alleged award of approximately $18 billion and explained: “The subject matter of the dispute that is the subject of the proposed arbitration award relates to rental payments to which plaintiffs allege they are entitled as a result of Saudi Aramco’s use of land in the Ras Tanura region of Saudi Arabia.”
And Saudi Aramco is the largest company in the Kingdom, and more than 98 percent owned by the Saudi government and the State Investment Fund.
In 2019, the Saudi government offered the local stock exchange a stake in the company in the world’s largest initial public offering.
Source: El Iktisad
