Saudi fund said planning to borrow up to $12bn from banks

      Published on Saturday, 25 August , 2018      203 Views     
Saudi fund said planning to borrow up to $12bn from banks

  • Business

Saudi Arabia’s sovereign fund is reportedly set to borrow up to $12 billion from international banks.

The move comes after IPO plans for state energy group Saudi Aramco were put on the backburner, the Financial Times reported, citing sources.




Almost 16 banks are expected to participate in the lending process, the UK-based newspaper said.

Saudi Arabia on Thursday rejected reports that Aramco’s planned initial public offering had been scrapped, saying the kingdom had stepped up preparations for the stock market debut of the state energy giant.

“The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” energy minister Khalid al-Falih said in a statement.

The plan to float around five percent of Aramco – expected to be the world’s largest stock sale – forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the economy off its reliance on oil.

But Aramco executives have repeatedly cited unfavourable market conditions to push back the IPO, earlier scheduled for this year, with many observers sceptical whether the listing will happen at all.



Fresh speculation about the listing swirled late Wednesday after a media report that the kingdom had halted the plan and financial advisors working on it had been disbanded.

Keywords:
Category Business | 2018/08/25 latest update at 1:00 PM
Source : Arabian Business | Photocredit : Google
204 Views
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



Custodian of the Two Holy Mosques receives GCC Secretary General King

Custodian of the Two Holy Mosques receives GCC Secretary General

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received here today the Secretary…

Saudi Arabia Underlines Harmony with UAE for Interests of their People, Region King

Saudi Arabia Underlines Harmony with UAE for Interests of their People, Region

The Saudi cabinet hailed on Tuesday the visit paid to the United Arab Emirates last week by Crown…

Saudi king hosts CIA chief Gina Haspel for talks King

Saudi king hosts CIA chief Gina Haspel for talks

Saudi Arabia’s King Salman hosted the Central Intelligence Agency’s director Thursday, state media said, after three people were…

Saudi Arabia, Palestinians Agree on Joint Business Council Events

Saudi Arabia, Palestinians Agree on Joint Business Council

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council,…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2560 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government