Aramco to capitalize on record IPO fund to finance Saudi industry, defence



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Aramco to capitalize on record IPO fund to finance Saudi industry, defence

On Tuesday, the 20th of January 2020, the Finance Minister of the Kingdom of Saudi Arabia, Mohammed al-Jadaan, who happened to be one of the favourites of Saudi Crown Prince Mohammed bin Salman, said that the Saudi’s state owned oil giant, Aramco, which went public in to the Riyadh Stock Exchange last month and scored an all-time-high IPO (Initial Public Offering) of $29.4 billion on record, beating Alibaba Group Holding’s $25 billion IPO valuation in NYSE back in the 2014s, would soon begin to pump in the funds raised on last month’s IPO in to the nation’s heavily oil-dependent economy, while the Saudi Aramco IPO fund could be used to develop infrastructures of the nation and domestic defences amid an escalation of tension with Tehran, suggesting a dream coming true for the Saudi Crown Prince Mohammed bin Salman who had been the first among all of the figures of Saudi Royal family to make an attempt to diversify the nation’s economy.

Meanwhile, adding that Saudi alongside other global economic majors had laid off ‘serious efforts’ to reduce tension between US and Iran, Saudi’s Finance Minister said on Tuesday (January 21st), “If you look at history, we in this region have managed to weather through worse geopolitical situations, including actual, real wars.

We in Saudi have to focus on the economy and reform ... We firmly believe the disputes can only be resolved by dialogue. ”