Saudi Arabia has announced the stock market debut of energy giant Aramco in what could be the world's biggest IPO, underpinning Crown Prince Mohammed bin Salman's ambitions to overhaul the kingdom's oil-reliant economy.
The launch, which has been approved by regulators, forms the linchpin of Prince Mohammed's ambitious plans to transform the petro-state, with tens of billions of dollars needed to fund megaprojects and new industries. The final offer price and the number of shares to be sold "will be determined at the end of the book-building period," said the firm headquartered in the eastern city of Dhahran.
Aramco, which makes Saudi Arabia the world's top energy exporter, is seen as the kingdom's crown jewel and the backbone of its economic and social stability. The government is reportedly seeking to get wealthy Saudi families to invest in the IPO and to ease lending restrictions for ordinary citizens to buy a stake in the company.
They need the money for their foreign policy....
Big deal