Saudi Arabia to raise billions in fresh Aramco stock sale

Aramco is the world's most valuable oil company. (Image: Bloomberg)

Wed, 29 May 2024

By Ben Dummett Saudi Arabia is likely to announce as soon as this week plans to sell US$10 billion (NZ$16.2b) to US$20b worth of stock in Aramco, its crown jewel and the world’s most valuable oil company, according to people familiar with the matter.The long-awaited offering, if it proceeds, would alleviate near-term pressure on the kingdom to raise funds. Saudi Arabia has a slew of mega projects, including a new city and a global airline, all aimed at diversifying the economy beyond oil. The country supersized a US$12b debt sal...

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