Aramco IPO delay a benefit for the country, says top banking executive - Labarai Ingantattu

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Aramco IPO delay a benefit for the country, says top banking executive

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Wed, 2018-10-03 11:40

The decision to delay the initial public offering of Saudi Aramco was a positive development for Saudi Arabia, one of the Kingdom’s leading financial advisers said yesterday.

Carmen Haddad, CEO of the Saudi business of American banking giant Citi, told a conference in Dubai that a takeover by Aramco of SABIC, the industrial conglomerate owned by the Public Investment Fund (PF), was a more rational option.

“The Aramco postponement is a benefit for the country, and the acquisition of SABIC makes more sense,” Haddad told the Citi Middle East Media Summit. 

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