Saudi: Aramco IPO ‘to fuel $2tn fund’

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Saudi Arabia on Friday announced the establishment of a $2 trillion megafund to help wean the kingdom off oil.

Prince Mohammed bin Salman Deputy Crown Prince, who heads the Economic Council, talked about new the strategy with US channel Bloomberg.

Based on this strategy Saudi Arabia will sell 5 percent of shares of the parent company of the group Aramco, which is the most valuable company in the world.

The IPO could could happen in 2017.

Prince Mohammed bin Salman said that such steps will practically make investments the main source of Saudi government revenues, instead of oil.

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