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Saudi Arabia plans to open IPO for 5% of Aramco

by ChemOrbis Editorial Team -
  • 25/04/2016 (18:07)
According to media reports, Saudi Arabia is planning to open an initial public offering (IPO) for around 5% of state-owned Saudi Aramco. This is in order to transform the company into a holding company as part of the kingdom’s Vision 2030 reform plan. Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman reportedly stated that the company’s subsidiaries will also be sold through IPO.

Salman also said that they expect Aramco to be valued at more than $2 trillion. In the case that Aramco is opened to the public, it would probably become the first company to be valued at more than $1 trillion.

Regarding the economy, the Prince reported that they are seeking to turn away from an oil-based economy which is vulnerable to external shocks. “I think in 2020 we can live without oil,” said the Prince. Through their Vision 2030 reform plan, the Saudi government aims to attract more investment and become a global investment power.
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