Aramco IPO to help Saudi economy shift from oil: minister.


RIYADH -- Saudi Aramco's listing will boost the kingdom's efforts to diversify from oil as the bulk of proceeds will be injected in domestic projects, while the global buzz surrounding the deal will help lure foreign capital, the finance minister said. Aramco's shares surged the maximum permitted 10pc on their Riyadh stock market debut on Wednesday, following the state-controlled oil giant's record $25.6 billion initial public offering (IPO). However, the listing has fallen short of Crown Prince Mohammed bin Salman's initial hopes for a larger flotation on an international exchange.

Funds from the 1.5pc stake sale, more than 80pc of which was bought by Saudi buyers...

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