Business
11:08, 06-Oct-2018
Saudi crown prince vows Aramco IPO by 2021
Updated
11:00, 09-Oct-2018
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Saudi Arabia's state-owned oil giant, Aramco, will go public by early 2021, and is worth 2 trillion US dollars or more, Saudi Crown Prince Mohammed bin Salman said in an interview with Bloomberg published Friday, after reports emerged that the IPO plan had been scrapped.
"I believe late 2020, early 2021," he said, "the investor will decide the price on the day. I believe it will be above 2 trillion US dollars. Because it will be huge."
The IPO was first announced in 2016 as part of the prince's Vision 2030 plan to modernize the country's economy, but it has been delayed from the second half of 2018.