Saudi Arabia is expected to officially approve long-awaited plans for the initial public offering of its state energy company this week, three years after Crown Prince Mohammed bin Salman put its flotation at the heart of plans to revamp the economy.
The government is expected to sign off on a domestic listing of Saudi Aramco later this week, according to people familiar with the matter. Saudi Aramco’s board will then give it the green light before the company announces its plan to float on October 20, the people said.
Yasir al-Rumayyan, chairman of Saudi Aramco, said on Monday that the company would announce its long-awaited stock market debut “very, very soon”. He added: “Aramco’s IPO will take place sooner than you think.”
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