Saudi Arabia to launch $2 trillion IPO for Aramco: reports

      Published on Saturday, 2 November , 2019      727 Views     
Saudi Arabia to launch $2 trillion IPO for Aramco: reports

  • Business

Saudi Arabian state oil firm Aramco is set to go public, according to news agency reports on Friday.

Crown Prince Mohammed bin Salman reportedly agreed to the initial public offering (IPO) of Aramco, deciding there is sufficient backing from investors for what could end up reaching the $2 trillion valuation, the largest IPO in history.

The Dhahran-based petroleum firm will officially unveil its plan to float on November 3, sources told news agency Reuters.

A final meeting was held Friday as to whether to go ahead with the listing and one source said: “The crown prince finally gave the green light.”

Business news outlet Bloomberg also reported that the crown prince made the decision at that meeting, which he chaired.

The public listing is fundamental in the crown prince’s plan to shake up the region’s economy and increase the variety of products Saudi Arabia makes, in an effort to move away from oil dependence.

However, the decision has been a long time coming as there have been a number of delays since it was first announced in 2016.

Until now Aramco has been solely controlled by the Saudi Arabian government. It is overseen by the country’s Ministry of Energy, which is headed by Abdulaziz bin Salman bin Abdulaziz Al Saud, a son of King Salman.

Category Business | 2019/11/02 latest update at 11:38 AM
Source : DW | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.

Sponsored Publications