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Abu Dhabi, UAESaturday 22 September 2018

Trump urges Saudi Arabia to list Aramco stake on NYSE

President expresses his desire on twitter

US president Donald Trump tweeted his desire to have Saudi Arabia list Saudi Aramco shares in New York. Jonathan Ernst / Reuters
US president Donald Trump tweeted his desire to have Saudi Arabia list Saudi Aramco shares in New York. Jonathan Ernst / Reuters

US president Donald Trump called on Saudi Arabia on Saturday to list Saudi Aramco’s 5 per cent stake on the New York Stock Exchange after the flotation of the world’s biggest oil producer that is expected to fetch as much as US$100 billion.

“Would very much appreciate Saudi Arabia doing their IPO [initial public offering] of Aramco with the New York Stock Exchange,” Mr Trump tweeted. “Important to the United States.”

Saudi Arabia, the world’s biggest oil exporter, plans to sell the Aramco stake next year and list it on the local stock exchange, known as Tadawul, and potentially one or more international equity markets.

New York is vying with London, Tokyo and other locations to attract the much-anticipated listing, which could be the biggest in history.

Saudi Crown Prince Mohammed bin Salman dismissed last month talk of a postponement or shelving of the Aramco IPO following media reports. He emphasized the value of the company could exceed $2 trillion, but declined to provide details of the IPO.

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The listing is the anchor for a multi-pronged economic diversification plan that aims to wean the kingdom off oil income.

Opec’s biggest oil producer is undergoing an economic overhaul as part of Vision 2030, the brainchild of the crown prince that was revealed last year.

Saudi Arabia’s stock exchange, the Arab world’s largest, expects its market capitalisation to more than double by 2022, climbing to above $1tn, helped by a potential share float of Saudi Aramco, bourse chief Khalid Al Hussan told The National last month.

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