Aramco has struggled to get an anchor investor for the IPO and has found little interest beyond the Gulf, forcing Saudi Arabia to scale back ambitions for the listing
The logo of Saudi Aramco. Picture: REUTERS / HAMAD MOHAMMED
Aramco officials have held talks on investing with Kuwait and Abu Dhabi, both oil producing states that have close ties to Saudi Arabia and both with big sovereign funds, after Riyadh scrapped plans for roadshows outside the Gulf. Jason Tuvey, senior emerging markets economist at Capital Economics, said that any Gulf state investment in the IPO would be “purely a political decision rather than anything [else]".
But many foreign institutional investors have said Aramco's valuation looked expensive and raised concerns about political, governance and environmental issues.
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