DUBAI – Saudi crown Prince Mohammad Bin Salman faces a setback overshelving the biggest ever share sale in the history of Saudi Arabia.
Saudi Arabia’s decision to shelve the biggest share sale ever is a majorblow to the credibility of Crown Prince Mohammed bin Salman.
The initial public offering (IPO) of 5 per cent of state-owned oil giantSaudi Aramco was a centrepiece of the crown prince’s plan to diversify thekingdom’s economy beyond oil by raising $100 billion for investment inother sectors.
The 32-year-old ruler, widely known as MbS, also promised that listingSaudi Aramco on international stock markets would help create a culture ofopenness in the secretive kingdom and make it more appealing to foreigninvestors.
The decision to shelve the IPO raises doubts about the management of theprocess as well as the broader reform agenda, sapping the momentumgenerated by Prince Mohammed’s dramatic 2030 Vision announcement in 2016that helped propel him to power in the world’s top oil exporter.