Saudi King says Aramco IPO will bring in­vest­ments and jobs

Muscat Daily - - BUSINESS -

Riyadh, Saudi Ara­bia - Saudi Ara­bia’s King Sal­man bin Ab­du­laziz al Saud said on Wed­nes­day that oil gi­ant Aramco’s planned IPO will at­tract in­vest­ment and cre­ate thou­sands of jobs, in his first com­ments on the block­buster stock mar­ket list­ing.

Riyadh on Sun­day put a value of up to US$1.71tn on Aramco as it said it would sell 1.5 per cent of the com­pany in an ini­tial public of­fer­ing worth US$24-25.6bn - po­ten­tially the world’s big­gest.

The list­ing ‘will al­low in­vestors in­side and out­side the king­dom to con­trib­ute to this lead­ing com­pany, al­low­ing for in­vest­ments and cre­at­ing thou­sands of jobs’, the King said in his an­nual ad­dress to the con­sul­ta­tive Shura Coun­cil, ac­cord­ing to the For­eign Min­istry.

“It will en­hance the size of Saudi Ara­bia’s fi­nan­cial mar­ket to the ranks of global mar­kets, as well as en­hance trans­parency and the gov­ern­ing sys­tem of the com­pany, in line with in­ter­na­tional stan­dards.”

The much-de­layed of­fer­ing, a corner­stone of Saudi Crown Prince Mo­hammed bin Sal­man’s am­bi­tious plan to di­ver­sify the oil-re­liant econ­omy, could ex­ceed the world’s big­gest IPO - the US$25bn float of Chi­nese re­tail gi­ant Alibaba in 2014.

Saudi Ara­bia’s King Sal­man bin Ab­du­laziz al Saud

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