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Mohammed bin Salman: Aramco's valuation will exceed $ 2 trillion
Thursday 6 Safar 1439 H - October 26, 2017
Arabic.Net
Thursday 6 Safar 1439 H - October 26, 2017
Arabic.Net
Saudi Crown Prince Prince Mohammed bin Salman has confirmed that Aramco's bid is moving towards implementation in 2018. Details of the offering are still under consideration, while Aramco's valuation could reach more than $ 2 trillion.
Mohammed bin Salman said Saudi Aramco would prove itself on the day of the IPO, despite reports that the valuation could be worth less than $ 2 trillion.
As for the Qatar crisis, the Saudi crown prince ruled out investment trust. "Qatar is a very, very small issue," he said.
In the oil field, Mohammed bin Salman pointed out that the Kingdom is committed to working with all oil producers to achieve balance of supply and demand in the oil market, which expects to absorb the excess oil rock, saying: "We regain control again."
The new city giant "Neum" will be included in the markets
In an interview with Bloomberg, Saudi Crown Prince Prince Mohammed bin Salman disclosed talks with major international companies to develop technology and technologies for the Neum project, including Amazon, Alibaba and Airbus.
Mohammed Bin Salman said that the new "Neum" is scheduled to open in 2025.
The Saudi Crown Prince pointed out that "Neum" will provide a new type of demand, adding that artificial intelligence and the Internet of things will contribute to providing an unprecedented lifestyle.
Prince Mohammed bin Salman said the $ 500 billion Newum city, planned by Saudi Arabia, would be put on the financial markets alongside Saudi Aramco as part of Saudi Arabia's efforts to diversify its economy and reduce its dependence on oil.
The commercial and industrial zone, known as "Neum", will be built on an area of 26,500 square kilometers and will extend to Jordan and Egypt. The city was announced Tuesday during the first day of the Future Investment Initiative.
"The first capitalist city in the world, this is the unique thing that will revolutionize," said Prince Mohammed bin Salman.
"Without a doubt, Neum will eventually be put on the market, the first region to be launched in the public markets," he said.
For its part, the Saudi Public Investment Fund said that the city of Neum will be wholly owned by the Fund until it is listed and will attract investments from companies in the renewable energy, biotechnology, advanced industries and entertainment sectors.
"It may not be in the market until the idea is sufficiently brewed," Prince Mohammed bin Salman said, adding that "the listing may be after 2030, and may be earlier, but the idea and the strategy will eventually be put forward."
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