Aramco hits market value of US$1.88tril

The stock jumped the daily 10% limit to 35.20 riyals when trading began in Riyadh as Aramco board members, Saudi officials and invited guests cheered at a ceremony in the kingdom’s capital.

The start of trading in Riyadh marks the end of a near four-year saga that’s been intertwined with Crown Prince Mohammed bin Salman’s rise to global prominence and his Vision 2030 plan to reform the Saudi economy. First announced in an interview with Economist in January 2016, the IPO fell short of the US$100bil international offering with a valuation of US$2 trillion that the prince once proposed.

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Aramco IPO to help Saudi economic shift from oil, says finance minister | Malay MailRIYADH, Dec 11 — Saudi Aramco’s listing will boost the kingdom’s efforts to diversify from oil as the bulk of proceeds will be injected in domestic projects, while the global buzz surrounding the deal will help lure foreign capital, the finance minister said. Aramco’s shares surged the...
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