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Implementing Vision 2030 Puts Saudi Arabia among Leading Global Economies

Implementing Vision 2030 Puts Saudi Arabia among Leading Global Economies

Tuesday, 24 October, 2017 - 08:45
Amin Nasser, CEO of state oil giant Saudi Aramco. (AFP)

In tandem with Saudi Aramco’s chief executive Amin Nasser’s announcement that the company’s IPO will take place during the second half of 2018, a UK report expected that implementing Saudi Vision 2030 will double assets of of the Saudi Public Investment Fund (PIF) tenfold approximately, making the kingdom among the leading global economies.

Times magazine published a report on Monday where it showed interest in the future Saudi investment plan, pointing out that the kingdom has sent a clear message to the world concerning its wish to distant its economy from relying on oil as it presents shares of Aramco for public offering.

The report also affirmed that the kingdom seeks to be the biggest investor in technology worldwide, based on Crown Prince Mohammed bin Salman’s vision to build a new economy for the post-oil phase.

During an interview with CNBC, Nasser said: “We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018.”

He added: “The IPO is on track. The listing venue will be discussed and shared in due course.”

“All of that analysis is being reviewed in detail to make a decision at a certain stage, and we are not going to be pushed, you know, by a journalist saying this needs to be talked about or not,” he added.

Reuters reported last week that China is offering to buy up to 5 percent of Saudi Aramco directly, while Financial Times mentioned that Saudi Aramco is considering shelving plans for an international listing in favor of a private share sale to the world’s biggest sovereign wealth funds and institutional investors.

However, Nasser said earlier this month that the initial public offering of the state oil company remained on track for 2018, and all these reports are assumptions.

Crown Prince Mohammed said last year that the kingdom is considering listing around five percent of Aramco in 2018 in a deal that might have a return of USD100 billion.

Also, Saudi Prince Alwaleed bin Talal stated during an interview with CNBC that Aramco issuance will be the biggest internationally and will serve the kingdom’s interest.

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