Abu Dhabi could plan up to $1.5 bln Aramco IPO investment: Report

Saudi Aramco executives met investors in UAE's capital Abu Dhabi. (File photo: AP)

Abu Dhabi is planning to invest as much as $1.5 billion in Saudi Aramco’s initial public offering, Bloomberg reported on Tuesday, citing people familiar with the matter.

The emirate is seeking to make the investment through one or more state-linked entities, Bloomberg reported.

Saudi Aramco continued its unofficial regional roadshow with a visit to Abu Dhabi on Monday as the oil giant meets with investors to discuss its overall strategy, dividend plans, and company vision.

Aramco’s Chief Financial Officer Khalid al-Dabbagh is leading the briefings to attract investors for its upcoming initial public offering (IPO) on the Saudi Stock Exchange (Tadawul). The company’s executives first met investors in Dubai and are now continuing talks in the Emirati capital Abu Dhabi – the Middle East region’s wealthiest city.

The Abu Dhabi government hasn’t made a final decision on which state entities will participate in the deal, and the precise size of the investment could change, Bloomberg reported.

Mubadala, Abu Dhabi’s sovereign fund, and the Abu Dhabi Investment Authority (ADIA) did not immediately respond to requests for comment.

Aramco did not immediately respond to a request for comment.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56
Top