Economy

Trump cajoles Saudi Arabia to list Aramco stake on NYSE

Trump cajoles Saudi Arabia to list Aramco stake on NYSE”

Trump tweeted today that he would "very much appreciate" Saudi Aramco choosing NY for its IPO. "Important to the United States".

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.

The president is now in Hawaii on the first stop ahead of his five-nation, 13-day Asia tour.

Aramco, which controls Saudi Arabia's massive energy assets, plans to list almost five percent of its shares in the stock market.

Plans are to list the offering in the second half of 2018 on the Saudi stock market as well as an global exchange, with markets in NY and London vying for the offering. Choosing New York in addition to Tadawul, the Saudi exchange, could boost the longstanding strategic alliance between the two countries.

Saudi Crown Prince Mohammed bin Salman dismissed last month talk of a postponement or shelving of the Aramco IPO following media reports.

The Saudi government may also be reluctant to list Aramco on NYSE because doing so may require greater disclosure of sensitive company information than listing in London or Hong Kong, or seeking private financing. His visit to Saudi Arabia in May heralded the signing of billions of dollars worth of contracts between USA and Saudi companies, including 16 agreements with Saudi Aramco. Saudi officials have estimated the IPO will be worth about $100 billion.



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