ibusinesslines.com September 22, 2018

Trump to host Saudi Crown Prince

13 March 2018, 01:18 | Myron Mathis

Pic Getty Images

Pic Getty Images

"I would guess it is about evens that there will be no global IPO", one high-level source said, according to the agency.

The IPO will involve 5% of Aramco in what will probably be the the world's biggest initial public offering.

Cities including London and NY have for months been vying to be awarded the deal, but Saudi Arabia's energy minister, Khalid al-Falih, last week said that the company was too important to risk a transaction in the U.S., because of litigation concerns that could stem from existing lawsuits against other oil firms for their role in climate change.

The FT report said London had a "good chance" of securing the listing, citing insiders briefed on the negotiations.

"In addition to listing on Tadawul - the home exchange - a range of global options are being held under active review", an Aramco spokesman told AFP.

"We are waiting for the reforms to be in place and to join MSCI and Aramco listing in Tadawul will be catalytic for that capital market as we bring worldwide capital to the kingdom", he told the USA channel last week.

The latest revelations came ahead of a high-profile visit to the United States by Crown Prince Mohammed bin Salman.

"Speaking up your mind, this is a crime in Saudi Arabia".

A view of an oil facility in the Khurais oilfield, 160km from Riyadh, Saudi Arabia. They are preparing them for the implementation of the Royal Order in June this year.

According to tour company Abercrombie & Kent, which already takes visitors to Saudi Arabia under the existing visa rules, women need to wear headscarves in accordance with the country's conservative laws and stay with the group during the visit.

Data published in March by fund tracking firm EPFR Global Funds found evidence that investors have warmed to Saudi Arabia in recent weeks. Saudi Arabia officials have been talking about opening the country to tourism since 2016. The prince was expected to visit Washington, New York and Boston, a Saudi government source had told Reuters, adding that the details of the trip were yet to be finalized.

London, New York and Hong Kong are among the foreign bourses competing for the share sale.

Saudi Aramco said on Monday it was still reviewing its options for the initial public offering.

Tadawul's chief said in October that his exchange hoped to be the only venue.

Officials have said they are in the process of recovering $107 billion (87 billion euros) seized in the crackdown, in the form of property, securities and cash, handed over by the suspects in exchange for their freedom.

Evidence of such abuse has been slow to emerge, but officials from two western governments said they deemed the reports credible.

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