Saudi Arabia: Aramco Shares to Be Allocated Not Only to Saudi Nationals

Saudi Arabia’s Shoura Council has refused recommendations to facilitate the purchase of largest share of Aramco by Saudi nationals. The proposal called for 50% of the total number of shares to be allocated to Saudis only to maximise the country’s wealth. Council members refused to support the proposal because the listing of this volume of shares is the largest public listing in terms of financial value and the local market will not be enough to accommodate it. It is therefore important to include foreign investors.