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President Trump seeks Saudi move for Aramco IPO listing with NYSE

US President Donald Trump and first lady Melania Trump wave as they arrive in Riyadh, Saudi Arabia, on May 20, 2017. (Reuters)

US President Donald Trump has in a tweet said he would appreciate Saudi Arabia “doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!” 

While Riyadh is expected to list Aramco’ shares on Saudi Arabia’s own stock market, known as Tadawul, it’s also expected to do what’s known as a dual listing with another stock exchange internationally.

The sale of around five percent of Aramco next year is a centerpiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Saudi Crown Prince Mohammad bin Salman.



Last month, Mohammad bin Salman had told Reuters in an interview that Aramco’s initial public offering is on track for next year, and the national oil giant could be valued at more than $2 trillion.

Earlier, Yasir Bin Othman Al-Rumayyan, CEO of the Saudi Arabia's Public Investment Fund (PIF), also had that the Saudi Aramco IPO is on track for 2018. He was speaking last month at the landmark conference - The Future Investment Initiative (FII).

Aramco, which controls Saudi Arabia’s massive energy assets, plans to list nearly five percent of its shares in the stock market. The IPO is expected to be the largest in history.
 

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Last Update: Saturday, 4 November 2017 KSA 22:59 - GMT 19:59
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