A day before Aramco is to announce the final price of the shares it will list on the Saudi stock exchange, the list of bad news for the company got longer. A survey among fund managers has shown that most of them believe that the company is overvalued by up to a third. The survey was conducted among 31 asset managers holding assets of $3.8 trillion by Bernstein and reported by Fortune. Its…
DUBAI (Reuters) - Saudi Aramco (2222.SE) shares opened up 10% on their Riyadh stock market debut on Wednesday, closing in on the $2 trillion valuation long sought by Saudi Crown Prince Mohammed bin Salman.
A senior official at the International Energy Agency on Tuesday said that OPEC is unlikely to reach any agreement that would change the current production cut deal until such a time when the market situation becomes more obvious, according to Reuters. OPEC’s current agreement between its members and allies, known together as OPEC+, is to cut 1.2 million bpd off its combined production per day…
Not so long ago, oil prices would surge or plummet on just a whisper from OPEC, who at the time held all the supply cards. The mere hint that the world’s most powerful oil cartel was going to cut production could send oil prices up dramatically. Those days are over.
Abu Dhabi could invest up to US$1.5 billion in the initial public offering of Saudi Aramco, Bloomberg reported on Tuesday, citing people familiar with the matter. Saudi Arabia now relies on nearby friends to bring home a success in the world’s largest listing ever, after seeing that foreign investors are not exactly rushing to buy into its giant oil company.
The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.
Rather than attempting to beat Iran into submission with escalating economic sanctions, the international community should be attempting to guide it toward greater openness. Such an approach would improve the prospects of successful negotiations with the West, both before and after the 2020 US presidential election.
Mubadala Investment is aligned with Abu Dhabi’s efforts to diversify its economy by investing oil returns into profitable businesses
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Keynote speech by His Excellency Dr Mohammad Y Al-Hashel, Governor of the Central Bank of Kuwait, at the 14th High Level Meeting for the Middle East & North Africa Region, jointly organized by the Basel Committee on Banking Supervision, the Financial Stability Institute and the Arab Monetary Fund, Abu Dhabi, 11 December 2019.
The Saudi government plans to sell 2% of state oil giant Aramco in a domestic listing on Dec. 11, three sources familiar with the matter said, but restrictions on future share sales mean an international IPO is ruled out for at least a year.
The company's $23m financing round is being led by STV, a $500m Saudi technology venture capital fund
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