Kuwait
Kuwait to Invest as Much as $1 Billion in Saudi Aramco IPO

(Bloomberg) –Kuwait’s government will invest as much as $1 billion in the initial public offering of Saudi Aramco as the kingdom asks regional allies to bolster the record share sale, according to people familiar with the matter.
The Kuwait Investment Authority had been reluctant to commit significant funds to the IPO, but was told by the government that a stake was in the country’s strategic interest, the people said, asking not to be identified discussing a confidential matter. Kuwait communicated its decision to Aramco on Monday.
Kuwait’s decision follows Abu Dhabi, the oil-rich member of the United Emirates, which has decided to invest $1.5 billion in Aramco, people familiar with the matter said last week.
Read: Kuwait, Bahrain wealth funds to consider investing in Aramco IPO
Bringing in another major investor from the Gulf region will be a relief for Saudi Arabia after plans to market the IPO globally were abandoned. Aramco had high hopes of drawing in sovereign investors, including a big purchase from China, but has yet to announce any firm commitments.
Saudi Arabia is looking to raise more than $25 billion selling a 1.5% stake in the world’s largest oil producer. The institutional part of the book now has bids totaling 144 billion riyals ($38 billion), covering that part of the proposed sale 2.3 times.
Read: Aramco IPO bids reach $44.3 billion as retail offer closes
Kuwait Investment Authority officials couldn’t be reached for comment. Saudi Aramco declined to comment.
–With assistance from Julian Lee.
-
Economy2 months ago
Here’s Everything You Need to Know About Oman’s State General Budget for 2025
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, December 24
-
Automotive1 week ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Banking & Finance2 months ago
His Majesty the Sultan Appoints Ahmed Al Musalmi as Governor of the Central Bank of Oman
-
OER Magazines3 weeks ago
OER, January 2025
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, January 2025
-
Banking & Finance4 weeks ago
Ishraq Waqf Investment Fund Announces Extension of IPO Subscription Deadline
-
Banking & Finance1 month ago
Bank Muscat’s 2024 Net Profit Grows To RO225.58Mn