Saudi Aramco launched its IPO for retail and institutional investors on November 17 and has set the share price between SAR 30 – SAR 32. The retail offering will close on November 28 while the deadline for institutional investors is set for December 4. The initial offering is made up of one billion shares or 0.5% of the company.

Mohammed Al-Jadaan, the Kingdom’s Minister of Finance, announced at the GAZT conference and exhibition that Saudi VAT revenues have hit $12.45 billion for the fiscal year, surpassing previous estimates.

In other news, the first batch of premium residence visas for Saudi Arabia have been issued. At a one-time cost of SAR 800,000 or an annual fee of SAR 100,000 the new visas allow holders to obtain business licences and own private vehicles and real estate.

To read about this and more of the week’s news from the Kingdom, click here.

If you would like to be added to our weekly email distribution of this newsletter, please email us.

Leave a Reply

Your email address will not be published.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