Report: Saudi Aramco shares to start trading in December:
The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel reported Tuesday as the kingdom’s marquee investment forum got underway.
The report by Dubai-based Al-Arabiya offered a crackle of life to the Future Investment Initiative in the kingdom’s capital of Riyadh, an event created by Saudi Crown Prince Mohammed bin Salman. Initial panels at the forum offered a pessimistic look at a world as participants described the global economy as a teetering on a 1930s-level crisis.
Prince Mohammed, however, hopes for a very-optimistic $2 trillion valuation for Aramco, which produces 10 million barrels of crude oil a day and provides some 10% of global demand. That would raise $100 billion he needs for his ambitious redevelopment plans for Saudi Arabia.
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