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Saudi Arabia to Announce Aramco’s IPO Specifics on Sunday

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
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Saudi Arabia to Announce Aramco’s IPO Specifics on Sunday

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

Saudi Arabia has approved the go ahead of the initial public offering (IPO) of state oil giant Aramco, sources familiar with the matter told Reuters and Agence France Presse.

Aramco is expected to announce its intention to float (ITF) on Sunday, the sources said.

Specifics on the domestic aspects of the IPO, including a date, are expected Sunday, they said.

The Aramco stock listing, a key component of Crown Prince Mohammed bin Salman's overall policy agenda, will offer a small fraction of the petroleum giant.

Valued at between $1.5 and $1.7 trillion, Aramco is the biggest company ever.

Aramco is expected to sell a total of five percent on two exchanges, with an initial listing on the Tadawul Saudi bourse in December.

It will be followed next year by a listing in an overseas exchange, but that has yet to be picked.

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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.