Saudi Arabia's stock market is set for another bumper year of stock market listings with several sizeable initial public offerings (IPO) in the pipeline as investors look to allocate a pile of cash built up through the coronavirus pandemic.
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RIYADH, Jan 28 (Reuters) - Saudi Arabia’s bourse, Tadawul, will announce plans to go public this year, its chief executive said on Thursday.
A timeline for an initial public offering (IPO) will be provided this year, Tadawul CEO Khalid Alhussan told Reuters on the sidelines of the Future Investment Initiative conference, adding that the listing could take place within a two-year time frame.
Tadawul hired HSBC in 2016 to manage an IPO initially planned for 2018 but put on hold due to oil giant Saudi Aramco’s record $29.4 billion listing at the end of 2019.
“Our commitment for listing continues the same. What we have delayed is just the time because Vision 2030 came in place, transformational commitment came into place,” Alhussan said, referring to Saudi Crown Prince Mohammed bin Salman’s plan to diversify the economy and wean it off crude revenues.
Saudi Arabia also sees big potential in supplying China’s requirements for refined products and petrochemicals
Updated 23 March 2021
March 23, 2021 19:51
DUBAI: Saudi Aramco has pledged a 50-year partnership with China in energy and closer co-operation to develop new technologies to combat climate change.
Speaking at the 2021 China Development Forum, Aramco Chief Executive Officer Amin Nasser said: “Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond.
“To help China meet its innovation, modernization, and sustainability goals, Aramco’s Research Center in Beijing is already working with Chinese universities and companies in areas such as cleaner engine-fuel systems of the future, catalytic crude-to-chemicals technology, and focusing heavily on reducing and removing greenhouse gas emissions.”
RIYADH: Saudi Arabia’s Projects Support Fund Initiative has signed an agreement with Tadawul, the Saudi Stock Exchange, to provide economic stimulus for listed companies. The initiative targets private sector companies in the healthcare, education and large real estate development sectors, in a bid to help gross domestic product growth, create employment and support local
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