RIYADH — Saudi Aramco's listing will boost the kingdom's efforts to diversify from oil as the bulk of proceeds will be injected in domestic projects, while the global buzz surrounding the deal will help lure foreign capital, the finance minister said. Aramco's shares surged the maximum permitted 10% on their Riyadh stock market debut on Wednesday, following the state-controlled oil giant's record $25.6 billion (20 billion pounds) initial public offering (IPO). However, the listing has fallen short of Crown Prince Mohammed bin Salman's initial hopes for a larger flotation on a international exchange. Funds from the 1.5% stake sale, more than 80% of which was bought by Saudi buyers, will go to the Public Investment Fund (PIF), the sovereign wealth fund tasked with delivering Prince Mohammed's ambitious economic transformation drive to wean the world's top oil exporter off crude revenues.

Source: International New York Times December 11, 2019 09:11 UTC