SAUDI VISION 2030

Saudi signals Aramco IPO to take place 2017

A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh. (File photo: Reuters)

Saudi Deputy Crown Prince Mohammad bin Salman has signalled that the hotly-awaited IPO for oil firm Aramco, which will put 5% of shares on the market, could happen in 2017.

Aramco, Saudi's state-owned oil giant, is the world's largest company in terms of market capitalization.

Aramco's value has been estimated at anywhere between $1.25 trillion and $10 trillion.

The announcement came amid Saudi's plans to create a $2 trillion sovereign wealth fund to help wean the kingdom off oil.

“IPOing Aramco and transferring its shares to PIF (public investment fund) will technically make investments the source of Saudi government revenue, not oil,” the prince said.

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Last Update: Sunday, 24 April 2016 KSA 15:26 - GMT 12:26
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Saudi signals Aramco IPO to take place 2017
Saudi Deputy Crown Prince has signalled that the hotly-awaited IPO for Aramco, which will put 5% of shares on the market, could happen in 2017
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