UK Officials Told That Aramco IPO Unlikely Until 2019 -FT

UK Officials Told That Aramco IPO Unlikely Until 2019 -FT

UK Officials Told That Aramco IPO Unlikely Until 2019 -FT

King Salman's offer was made in a telephone call to Iraqi Prime Minister Haider al-Abadi on Monday, following Iraq's 4-1 defeat of Saudi Arabia in a friendly - the first between the two countries for almost four decades.

"It would be a huge loss of face for Crown prince Mohammed bin Salman and the rest of the Saudi government, but doubt it will happen" said Tuvey.

Saudi Arabia is understood to be planning to list up to 5 per cent of Saudi Aramco on a stock exchange, a transaction that could value the company at as much as $2 trillion, easily making it the world's largest listed company.

Prior to the game, Saudi Arabia's King Salman promised to build Iraq a stadium if they won on February 28.

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MSCI will give its decision in June and, if positive, the reclassification would be in two steps in May and August 2019.

"Saudi Aramco is too big and too important for the kingdom to be subjected to that kind of risk".

Saudi Arabia is understood to be close to entering a recession after the country spent a third of its reserves in the last three years following a drop in oil prices.

According to MSCI, $1.7 trillion of assets were benchmarked against MSCI emerging market indexes at the end of June previous year, of which about a fifth was from passive investors. "Kate Osamor, the shadow worldwide development secretary, said the move allowed the Saudi government to "whitewash" its reputation and role in the Yemen war..." Saudi Arabia officials have been talking about opening the country to tourism since 2016.

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While London is preferred over NY, the requirement by both for greater disclosure of sensitive information on Aramco than the Hong Kong exchange is viewed as a drawback by some Saudi officials and advisers, the sources said.

More than 200 officials were arrested during the corruption probe, which reportedly netted $100 billion in settlements.

Some people in the energy industry also say that Aramco could face pressure from investors because the company has not gone through the cost-cutting that Western oil companies, like Exxon Mobil, have undertaken in recent years.

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