Markets

Saudi Aramco upsizes its record-shattering IPO by $3.8 billion

Saudi Aramco took in an additional $US3.8 billion through its record-breaking IPO by selling more shares to investors, according to a Sunday statement. The oil firm set aside 450 million shares for investors as it gauged pre-IPO demand, and advising firm Goldman Sachs managed the shares for Aramco’s first month […]
Saudi Aramco upsizes its record-shattering IPO by $3.8 billion
Markets

The Saudi Arabian government invested more than $2 billion in Aramco’s record-shattering IPO — even though the nation swore to become more economically diverse

Saudi Arabian government institutions spent nearly $US2.3 billion on Saudi Aramco’s record-breaking IPO, Bloomberg reported Tuesday. That reliance on local funding sources contrasts with Aramco’s expressed desire to get more economically diverse. The government sold two thirds of shares to institutional investors, and government institutions bought up 13.2% of the […]
The Saudi Arabian government invested more than $2 billion in Aramco’s record-shattering IPO — even though the nation swore to become more economically diverse
News

Trump officials and business leaders skipped Saudi Arabia’s investment conference last year after Jamal Khashoggi’s murder. This year, they’re back.

Dozens of businesses and leading executives boycotted Saudi Arabia’s annual investment conference last year, following the brutal murder of journalist and Saudi dissident Jamal Khashoggi. Trump administration officials, Virgin Group, BlackRock, Blackstone, and many others shunned the event and many vowed not to contribute to Saudi Arabia’s economic development as […]
Trump officials and business leaders skipped Saudi Arabia’s investment conference last year after Jamal Khashoggi’s murder. This year, they’re back.
News

The world’s oil producers keep a massive amount of capacity in reserve. But it’s almost all in Saudi Arabia and the drone attack messed with that too.

The drone attacks on Saudi Arabia’s oil plants didn’t just halve the country’s production and send the price of oil rocketing. They also harmed the country’s spare production capacity, which can produce some 2 million barrels a day and used during emergencies. Drones hit two refineries owned by state-owned giant […]
The world’s oil producers keep a massive amount of capacity in reserve. But it’s almost all in Saudi Arabia and the drone attack messed with that too.
US

Why the Saudi crown prince met with Trump, Oprah, Bill Gates, and Jeff Bezos

Saudi Crown Prince Mohammed bin Salman recently visited the US where he met with many top politicians and businesspeople. President Trump, Bill Gates, Oprah Winfrey, and others received a visit from the crown prince. Ellen R. Wald, author of “Saudi, Inc.: The Arabian Kingdom’s Pursuit of Profit and Power” explains […]
Why the Saudi crown prince met with Trump, Oprah, Bill Gates, and Jeff Bezos