Saudi Arabia Set to Raise Over $11.2 Billion From Aramco Stock Sale

Saudi Arabia is poised to raise more than $11.2 billion from the sale of shares in its crown jewel, oil giant Aramco, generating fresh cash for the country’s efforts to diversify its economy beyond oil.

The country and its de facto leader, Crown Prince Mohammed bin Salman, face near-term pressure to fund a slew of megaprojects including a new city and a global airline. The country supersized a $12 billion debt sale earlier this year and has transferred billions from its foreign-currency reserves to its sovereign-wealth fund.

Source: WSJ