| Saudi Arabia said it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. Prince Mohammed said part of the plan is ”to sell less than five per cent of Aramco” in an initial public offering (IPO), valuing the company at between US$2tn and US$2.5tn.
Part of the funds from the share sale, Mohammed said, will be used to set up a US$2tn sovereign wealth fund (SWF), which would easily surpass Norway’s US$865bn fund as the world’s biggest. SWFs are used commonly as investment arms for oil-dependent nations seeking to diversify revenue streams, and are among the world’s largest institutional investors...............................................Full Article: Source
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