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Thursday, 19 January 2017

Saudi Aramco IPO is key to success of kingdom’s economic transformation plans, says Al Falih | The National

Saudi Aramco IPO is key to success of kingdom’s economic transformation plans, says Al Falih | The National:

"A successful stock market flotation of Saudi Aramco is essential for the implementation of the kingdom’s economic diversification strategy, according to Khalid Al Falih, the energy minister. Speaking on the sidelines of an event at the World Economic Forum annual meeting in Davos, Switzerland, Mr Al Falih, who is also the chairman of Aramco, said: "The [National Transformation Program] has many legs, but the initial public offering of Aramco is a key one." He made it clear that the IPO was more than just a symbolic statement of intent by the Saudi government. "The income from the IPO will allow the Public Investment Fund of Saudi Arabia (PIF) to have more funds as it goes global, so [the IPO] is a key issue for the transformation.""



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