Saudi wealth fund grabs the controls of Aramco IPO | Financial Times:
When Saudi Arabia’s ambitious crown prince Mohammed bin Salman wanted something done, his energy minister was often on hand. Khalid al-Falih was tasked with stabilising the oil market after the 2014 crash and helping to diversify the kingdom’s economy.
But the veteran adviser has now been eased aside in delivering a project on which many of Prince Mohammed’s broader ambitions for Saudi Arabia hinge: the long-awaited flotation of Saudi Aramco. On Monday it emerged that Yasir al-Rumayyan, head of the Public Investment Fund, the country’s sovereign wealth fund, had replaced Mr Falih as chairman of the kingdom’s state oil giant.
Installing Mr Rumayyan, a former local investment banker, as chairman of Saudi Aramco underlines the PIF’s growing muscle. A once sleepy fund, PIF has already been charged with developing a number of ambitious multibillion-dollar mega projects in the kingdom, forging new industries from scratch and snapping up stakes in companies including ride-hailing app Uber.
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