Saudi Crown Prince Renews Committment to Aramco IPO

Once again, Saudi Arabia insisted that it is committed to listing its state oil producer Saudi Aramco between 2020 and 2021 depending on market conditions.

This latest commitment was spelled by Crown Prince Mohammed bin Salman, during an interview with Arabic daily Asharq Al Awsat.

"We are committed to the Aramco IPO, given favourable conditions and the right time, and as I said before we expect that between 2020 and 2021,” he said.

According to Bloomberg, The world’s top crude exporter aims to offer Aramco stock on its domestic exchange and at least one international bourse, with the prince projecting the company’s value at about $2 trillion.

Financial performance of the company which was disclosed in April, indicated a valuation closer to $1.2 trillion providing investors judge it by the same metrics as other giant oil companies.

Shortly after that, Aramco issued a $12bn bond, which topped $100bn in April, in the largest demand for emerging markets since an order book value of more than $52bn for Qatar's $12bn bonds last year, and surpassed $67bn in demand for Saudi Arabia's inaugural bonds in 2016.

Saudis plan to to transform the kingdom’s economy by developing non oil revenues, via encouraging new industries, boosting employment and bringing in foreign investment.