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Saudi Arabia’s new strongman, deputy crown Prince Mohammad bin Salman, known popularly as MbS has revealed some detail on the IPO listing of Saudi Aramco, Saudi Arabia’s state owned oil company and world’s largest exporter.
According to latest, Saudi Arabia is looking to list 5% stake of Saudi Aramco and expects the valuation of the company to reach to $2 trillion. The kingdom wants to convert Aramco as a holding company. Subsidiaries of the company will also be listed and its board will be elected and financial information of the company will be released soon enough.
After King Abdullah died last year and power changed hands, Saudi Prince, who is current king’s favorite son amassed powers in his hands and now he is the main force behind economic and foreign policies as well as oil. He has been planning to launch Saudi Arabia Vision 2030, where he will be laying out plans to diversify from oil to secure the kingdom’s future.
According to his plan only, Saudi Arabia has recently taken up $10 billion debt from consortium of banks to reduce pressure on domestic institutions. He also weighed over Doha talks, which finally failed to secure a freeze among oil producing nations.
