#Saudi Aramco lures sovereign funds to hit $2trln IPO valuation - sources | ZAWYA MENA Edition

Saudi Aramco lures sovereign funds to hit $2trln IPO valuation - sources | ZAWYA MENA Edition:

State-owned Saudi Aramco has approached Abu Dhabi Investment Authority (ADIA), Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of the oil giant's listing at it seeks to achieve a $2 trillion valuation, sources said.

After initial conversations in recent months between Saudi Arabia and governments in the Gulf and Asia, approaches to their sovereign wealth funds have started via the banks appointed to handle Aramco's initial public offering (IPO), the sources said. 


A meeting between Aramco's management and a team from Abu Dhabi's ADIA, the world's third-biggest sovereign wealth fund, was set up for October, one of the sources told Reuters.