Saudi Arabia to get another Aramco stock offering

Saudi Arabia is gearing up for another multi billion dollar offering of Aramco stock which is gaining fresh momentum and the deal is expected to be one of the world’s largest share sales in recent years.
As per a Gulf News report, the kingdom has been consulting with a number of advisors to investigate the viability of a follow-on offering on the Riyadh exchange. It could settle on a choice in the next few weeks about whether to continue.
Also Read UAE non-oil economy to grow 4.8% in 2023: World Bank In January 2021, Saudi Arabia’s Crown Prince Mohammed bin Salman stated that the kingdom’s sovereign wealth fund would receive additional proceeds from the sale of shares in the state oil giant. The Aramco offering could happen as soon as this year if the government goes ahead with it. However, no specific date has been set.
Reportedly, a one percent offering would give rise to more than 20 billion for the kingdom, as it has a huge investment plan to diversify the economy. The Saudi government holds almost 90 percent shares in Aramco.
Saudi Aramco is a Saudi Arabian giant oil company, the world’s largest oil producer. The company is owned and based in Dhahran, Saudi Arabia. Aramco is the most profitable company in the world, surpassing even tech giants such as Apple and Alphabet’s Google.
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