🇸🇦 Saudi Arabia's offer for a stake in Aramco, which will raise up to $12 billion, is among the largest share sales in the world since the Kingdom took the oil giant public in an IPO.

The deal will be the sixth biggest share sale since the company raised $30 billion in an initial public offering in 2019. It would also become the fourth-largest follow-on offering during that period.

The deal has been in the works for a year. Crown Prince Mohammed bin Salman said in 2021 that the government would seek to sell more Aramco shares in the future. Proceeds will help fund initiatives to diversify the economy away from oil. MBS, as the Crown Prince is called, has declared artificial intelligence, sports, and tourism as general areas of diversification.

Source: Bloomberg, 7^th Jun 2024.