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.
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
Technology2 months ago
Celebrating Infoline’s Remarkable 20-Year Journey
-
News2 months ago
Nikkei Closes with Largest Point Drop in History