Saudi Aramco: large IPO announced in 2018

The oil giant Saudi Aramco announced going public with the release of IPO in 2018.
Despite the drop of oil prices in the last two years, the CEO Amin Nasser is optimistic: “The market has started to recover, we expect it to recover even more in 2017 and I think the time in 2018 will be almost right.”
Saudi Aramco is expected to be 2 trillion dollars in value at the time of the IPO. Selling 5% of the company share would bring 100 billion, which would help fix the Kingdom’s budget holes, created by the fall of oil prices. That is part of Saudi Arabia’s plan to withdraw from oil and turn into a global investing power by 2030.
The oil giant is looking to expand overseas into markets of Hong-Kong, New York, London and Tokyo. According to the CEO: “When we talk about 2018 we feel comfortable to be able to meet all the requirements in the different markets if we decide to go to certain markets.”

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