Aramco chair sees London ‘in contention’ for international listing

Khalid Al-Falih added that Brexit represented a “hugely net positive opportunity”, provided the UK could negotiate it well.

The minister, one of the most important figures in Saudi politics and energy markets worldwide, suggested that London had a strong chance of securing the international listing of the country’s mega oil company, set to be one of the biggest public offerings in recent history.

:: FCA offers olive branch over $1trn Aramco float

In London alongside Crown Prince Mohammad bin Salman, Mr AL-Falih, who is also chairman of Aramco, said that the company was still considering where to list its international shares.

Insiders suggest it is mulling London and New York as potential locations, as well as Hong Kong and Tokyo.

“London is in contention,” he said. “London has always been an attractive destination for capital from around the world.

“It is the capital of the world. It couldn’t be more central, more connected, or more welcoming of global citizens and businesses. It’s always been attractive.

“All of the stakeholders from the government, the exchange itself and the financial sector have been extremely welcoming – of the kingdom as a whole, and of the Aramco listing.”

The listing is regarded as one of the big prizes in international capital markets, with US President Donald Trump recently tweeting to encourage Aramco to list its shares in New York.

But some in the square mile will take encouragement from Mr Al-Falih’s warm words.

The minister also denied that Brexit had dented Saudi Arabia’s enthusiasm for investing in the UK.

The country has committed to a $100bn investment plan in the coming years, with insiders suggesting that much of that money will come from its sovereign wealth fund, the Public Investment Fund.

Mr Al-Falih said Brexit had meant the UK “will be less constrained”.

He said: “(They will be) able to strike their own deals. I see it as a positive from a Kingdom perspective. I think the UK will be more free, and, depending on how it negotiates with the EU and us, it could be hugely net positive.”

Newsdesk

The Panda Radio newsdesk works 24/7 to create news and content for our radio and online consumers. If you have any news you want to send you can email us: news@pandaradio.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *