Saudi Aramco turns to Gulf funds to prop up IPO | Financial Times:
Abu Dhabi is expected to invest about $1.5bn in Saudi Aramco, as Riyadh asks the region’s state-backed funds for billions of dollars to backstop the long-awaited flotation.
Two people briefed on the move said Abu Dhabi’s decision to invest had come from the top, with the leadership keen to support its allies in Riyadh.
Saudi Aramco executives met with investors in the emirate this week following a decision by Riyadh not to market shares outside Saudi Arabia and its Gulf neighbours.
The company several weeks ago made an initial pitch to Abu Dhabi officials, including representatives from the emirate’s sovereign funds and government-related entities, seeking to persuade the oil-rich capital of the UAE to become a major investor in the IPO, according to one person briefed on the meeting.
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