Gap Fill - Saudi Aramco IPO - Level 6


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   alternative      brainchild      development      economy      initiative      largest      later      lot      much      part      pockets      producer      profitable      reliant      shares      society      tourism      valuation      world      worldwide  
Saudi Aramco, the world's biggest oil , has announced that it will float its on the Saudi Stock Exchange. The news has been anticipated by financial analysts around the . The flotation is causing a of excitement among speculators . Saudi Aramco will allocate up to 0.5 per cent of its shares to individual investors. Experts say it could be the IPO (Initial Public Offering) in history. Investors with deep have between November 17 and December 4 to snap up shares in the world's most company. The company is valued at up to $2.3 trillion. In comparison, its rival, the US oil giant Exxon Mobil, has a of a mere $300 billion.

Saudi Aramco President and CEO Amin Nasser told the CNBC news agency last week that the company's IPO will help diversify Saudi Arabia's . Further share offerings may take place on stock exchanges in Hong Kong, London, New York and Tokyo. Saudi Arabia is heavily on oil and needs to seek areas of growth. The IPO is of an ambitious plan to reform the kingdom's economy called "Saudi Vision 2030". This is the of Saudi's Crown Prince Mohammed bin Salman. He hopes his will revitalize many aspects of the economy and . The Crown Prince is spearheading the of a range of non-oil industries, like healthcare, mining and .

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