Saudi Arabia Deputy Crown Prince to Target Majority of Aramco IPO Proceeds for Domestic Use
In early May 2017, Saudi Arabia Deputy Crown Prince Mohammad Bin Salman Al Saud, in a state televised address, commented that the Public Investment Fund (PIF) will use proceeds from the initial public offering (IPO) in Saudi Aramco will be spent between 50% to 70% domestically. PIF would support and further strengthen the country’s mining, entertainment and domestic arms manufacturing industries. The IPO is due to take place 2018.
In addition, Saudi Arabia’s oil and gas reserves (the wells) will remain in government hands after Aramco’s IPO, according to the Saudi Arabia Deputy Crown Prince. Saudi Arabia is the largest oil exporter in the world.
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