Aramco prices historic IPO but clouds Saudi Vision 2030

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By Sam Kerr
05 Dec 2019

Saudi Arabia has completed the largest IPO ever, the listing of its economic crown jewel, the oil producer Saudi Aramco. However, a deal sold almost entirely to local investors was a missed opportunity to secure international backing for crown prince Mohammed bin Salman’s Vision 2030 plan for the country, writes Sam Kerr.

Bin Salman has initiated an ambitious plan to modernise the economy and lower its reliance on commodities. Aramco was the first of what is likely to be a string of privatisations.

The IPO was meant to be part landmark transaction, part marketing pitch, designed to open Saudi Arabia ...

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