Saudi King says Aramco IPO will bring investments and jobs
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