The second listing of Saudi Aramco could happen as part of the plans to raise funds for the Public Investment Fund, its sovereign-wealth fund, Crown Prince Mohammed bin Salman said during the Future Investment Initiative (FII) summit today, Jan. 28.
“This will yield a cash flow transferred to the PIF to be reinvested domestically and internationally for the benefit Saudi citizens,” he stated.
The Crown Prince said that many of the fund’s assets are valued at zero, such as NEOM, Red Sea, Qiddiya, and dozens of other assets.
Hence, it would not be difficult for the PIF to raise the value of its assets to SAR 4 trillion.
Saudi Aramco started trading on the Saudi Stock Exchange (Tadawul) on Dec. 11, 2020. The giant oil producer raised SAR 446 billion from the retail and institutional tranches, with the IPO being 465% oversubscribed.
Comments
{{DisplayName}}
{{ElapsedTime}}