DUBAI: Saudi Arabia‘s sale of shares in oil giant Aramco saw overwhelming demand within hours of its launch on Sunday, with the deal potentially raising up to $13.1 billion. This significant transaction will test the international market’s appetite for the kingdom’s assets.
Institutional orders for the shares will be accepted through Thursday, with the shares priced the following day. Trading is expected to begin next Sunday on Riyadh’s Saudi Exchange.
This offering will serve as a measure of Riyadh’s attractiveness to foreign investors, a critical component of the kingdom’s strategy to diversify its economy. However, foreign direct investment has consistently fallen short of targets.
