A magnifying glass shows Saudi Aramco’s logo and stock chart in this illustration taken on Sept. 4, 2022.
Givenruvich | Reuters
Shares in Saudi Arabia’s Aramco rose on Sunday after the company sold shares expected to raise about $11.2 billion.
At 11:30 a.m. local time (4:30 a.m. ET), Tadāwul shares were trading at about 28.25 Saudi riyals ($7.53) on the Saudi Arabian Stock Exchange, up from 27.25 Saudi riyals on share sales. Quotation. Pricing is at the lower end of the initial range of 26.70-29 Saudi riyals.
There appears to be no shortage of demand for the secondary offering announced on May 30. demand for product For more than $65 billion, Saudi Aramco has sold more than half to foreign investors. CNBC could not verify the report.
This comes as Saudi Arabia is advancing ambitious plans to diversify its economy away from oil dependence under Crown Prince Mohammed bin Salman’s Vision 2030 plan.
However, the plan – which includes a host of “mega-projects” – is expensive, with the crown jewel, the future city Neom, expected to cost only about $500 billion.
Oil, meanwhile, remains volatile, falling for a third straight week as an uncertain demand outlook continues to weigh on the economy and investors push back on expectations for a rate cut from the Federal Reserve.
—CNBC’s Ruxandra Iordache contributed to this report.
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