Saudi Arabia intend to put part of the state oil giant Aramco on the stock exchange. It was confirmed on Monday, writes CNBC.
There is a share of under 5 per cent coming to be sold. The company, whose full name is the Arabian American Oil Company, is expected to be valued at more than 2000 billion dollars, over 16 000 billion. By comparison, government budget 934 billion.
Deputy Crown Prince Mohammed bin Salman said in addition to the television interview with Al Arabiya News Channel to Saudi Aramco plans to transform into a holding company in which various subsidiaries may also be sold through the IPO.
the announcement came in conjunction with the Saudi Arabia revealed a long-term economic plan called the “Saudi Vision 2030″ for a future with reduced dependence on oil.
According to an analysis by the consulting firm McKinsey would the kingdom could double its GDP and create six million new jobs by focusing on sectors outside the oil, such as manufacturing, mining, tourism, health care and finance.
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