DUBAI, June 8 — Saudi Arabia placed over half of an US$11.2 billion (RM52 billion) share sale in Aramco with foreign investors, two people with knowledge of the matter told...
Saudi Arabia placed over half of an US$11.2 billion share sale in Aramco with foreign investors, two people with knowledge of the matter told Reuters today. — Reuters picDUBAI, June 8 — Saudi Arabia placed over half of an US$11.2 billion share sale in Aramco with foreign investors, two people with knowledge of the matter told Reuters today. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil.
Saudi de facto ruler Crown Prince Mohammed bin Salman’s Vision 2030 is funding endeavours as diverse as electric vehicles to building futuristic cities in the desert, mainly via its Public Investment Fund . The US$925 billion sovereign fund, after scaling back some of its flagship giga-projects, aims to sharpen its focus to drive forward the vision.
Proceeds from the share sale are likely to be funneled to the PIF, sources and analysts have said, though funds could also help plug the kingdom’s budget deficit which has risen as the oil price has weakened. — Reuters
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