ENERGY

Russia-China Fund aims to lure Chinese investors for Saudi Aramco IPO

A Saudi Aramco sign is shown at the company’s oil facility in Khurais, Saudi Arabia. Authorities have openly targeted a $2 trillion valuation. (File photo: Reuters)

The Russia-China Investment Fund (RCIF) is working to lure Chinese investors for Saudi Aramco’s upcoming initial public offering (IPO) as the state-owned company prepares to launch its much-anticipated public listing on the Saudi Stock Exchange (Tadawul).

“We can confirm that the Russia-China Investment Fund is working to attract Chinese investors into Saudi Aramco IPO,” said Kirill Dmitriev, chief executive officer of Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund.

Saudi Aramco, the world’s largest oil exporter, is expected to float 2 percent on the Tadawul as part of its first phase in going public. The listing will take place on December 11, sources told Al Arabiya.

Pricing will start on November 17, with a final price for the float slated to be announced on December 4.

Chairman of Saudi Aramco Yassir al-Rumayyan, who is also the governor of the Kingdom’s soveriegn wealth fund the Public Investment Fund (PIF), told Al Arabiya in an exclusive interview on November 3 that investments in Aramco’s IPO are expected to come from anywhere in the world.

Authorities have openly targeted a $2 trillion valuation for the IPO, but some analysts and investment banks have predicted a range of $1.2 to $1.5 trillion.

The purpose of the IPO is to put Saudi Arabia on the fast track to diversifying its economy away from oil and transforming key sectors including mining, healthcare, and tourism in line with its Vision 2030 program.

The RCIF, which was set up in June 2012, is a private equity fund that aims to invest in projects to strengthen bilateral economic partnerships between Russia and China.

SHOW MORE
Last Update: Thursday, 14 November 2019 KSA 14:08 - GMT 11:08
Top
BREAKING NEWS

Send to a friend

Close
Russia-China Fund aims to lure Chinese investors for Saudi Aramco IPO
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed