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Ever since Saudi Arabia’s Deputy Crown Prince Muhammad bin Salman captured the world’s attention in April 2016 by announcing plans to float up to a 5% stake in prized state oil giant Saudi Aramco, industry participants and observers have hung on every new detail to have emerged.
As the world’s largest oil exporter, the part-sale of Aramco has the potential to be the biggest IPO in history. It forms the centerpiece of Riyadh’s ambitious ‘Vision 2030’ plans to end the country’s “addiction to oil” ( MEES, 29 April 2016 ).
Prince Muhammad last year estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 ( MEES, 11 November 2016 ). (CONTINUED - 2887 WORDS)