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Aramco IPO by 2021, vows Saudi Crown Prince

Saudi Arabia’s crown prince Mohammad bin Salman Al Saud said in an interview with Bloomberg, that plan to sell shares in oil giant Aramco will still go ahead, promising an initial public offering by 2021, stressing that the state-run company is worth $2 trillion or more.
The ambitious crown prince said: “I believe late 2020, early 2021,” in reference to the timing of the IPO of the oil giant company Aramco.
The crown prince interview with Bloomberg took place at the royal palace in the Saudi capital Riyadh late Wednesday.
Mohammad bin Salman added that “The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge.”
The IPO project was first announced in 2016 as the cornerstone of the prince’s Vision 2030 plan to modernize the Saudi economy.
Saudi crown prince said the IPO was “100 percent” in the nation’s interest.
“Everyone heard about the rumors of Saudi Arabia canceling the IPO of Aramco, delaying that, and that this is delaying Vision 2030,” he said. “This is not right.”
Crown prince Mohammad bin Salman said the IPO’s delay had its origin in mid-2017, when it became clear that Aramco needed a push into petrochemicals. He said it would had been unfair to go ahead with the listing only to surprise investors soon after with a big deal in chemicals.
Crown Prince Mohammad bin Salman said he hoped to raise a record $100 billion by selling a 5 percent stake, dwarfing the previous record, set in 2014, when Chinese retailer Alibaba Group Holding Ltd. raised $25 billion.
Alarabiya

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