Kuwait to invest as much as US$1bil in Saudi Aramco IPO

The Kuwait Investment Authority had been reluctant to commit significant funds to the IPO, but was told by the government that a stake was in the country’s strategic interest, the sources said.Kuwait’s move follows Abu Dhabi, the oil-rich member of the United Arab Emirates, which has decided to invest US$1.5bil in Aramco, sources said last week.

Aramco had high hopes of drawing in sovereign investors, including a big purchase from China, but has yet to announce any firm commitments. Saudi Arabia is looking to raise more than US$25bil selling a 1.5% stake in the world’s largest oil producer. The institutional part of the book now has bids totaling 144 billion riyals , covering that part of the proposed sale 2.3 times.The fund has interests in ports, airports and power distribution globally.We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827.

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