Khalid Al Hussan, Tadawul's chief executive says the bourse is “taking all measures to ensure Aramco comes successfully to the market.” Faisal Al Nasser / Reuters
Khalid Al Hussan, Tadawul's chief executive says the bourse is “taking all measures to ensure Aramco comes successfully to the market.” Faisal Al Nasser / Reuters
Khalid Al Hussan, Tadawul's chief executive says the bourse is “taking all measures to ensure Aramco comes successfully to the market.” Faisal Al Nasser / Reuters
Khalid Al Hussan, Tadawul's chief executive says the bourse is “taking all measures to ensure Aramco comes successfully to the market.” Faisal Al Nasser / Reuters

Tadawul `taking all measures' for successful Aramco listing


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Saudi Arabia’s stock market is pulling out all the stops for what could be the world’s largest initial public offering.

The exchange, known as Tadawul, is prepared for Saudi Aramco’s share sale regardless of the structure that the company decides to use for the listing, chief executive Khalid Al Hussan said in an interview with Bloomberg on Wednesday.

“Tadawul will be the home exchange for Aramco, and, if there is another exchange, the decision will be coming from the issuer in due course,” Al Hussan said. The bourse is “taking all measures to ensure Aramco comes successfully to the market,” he said.

The IPO of the world’s largest oil exporter has drawn interest from international stock exchanges in New York, London, Hong Kong, Singapore, Tokyo and Toronto and even spurred US President Donald Trump and UK Prime Minister Theresa May to lobby for the listing. Saudi Arabia, which values Aramco at US$2 trillion, is seeking to sell state assets as part of a plan to wean the economy off oil and create the world’s biggest sovereign wealth fund.

“I can comfortably say we are ready to host such a unique IPO,” Al Hussan said.

The listing has also seen intense competition by banks from New York to Tokyo for a role on the deal. Aramco is set to appoint lenders including Goldman Sachs, Citigroup, HSBC Holdings, JPMorgan Chase & Co and Morgan Stanley to help manage the sale, people familiar said this month.

Mr Al Hussan told The National in October the bourse was "creating the right incentives for private and government sector companies to go public."

Aside from preparing for Aramco’s debut, Tadawul is also planning its own IPO later this year after hiring HSBC’s Saudi unit to advise on the listing in 2016. Work is “progressing as planned,” Al Hussan told Bloomberg.

There were 16 IPOs in Saudi Arabia in 2017 that raised about $722 million, exceeding the $274m a year earlier, according to data compiled by Bloomberg. There should be more listings this year across the main market, the small-cap market, and by Real Estate Investment Trusts, he said.

EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

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Favourite player: Franz Beckenbauer

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Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

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Isle of Dogs

Director: Wes Anderson

Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson

Three stars

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

Abu Dhabi Equestrian Club race card

5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
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The%20specs
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Favourite hobby: playing the piano

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Family: Married and with a daughter

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From: Giza Governorate, Egypt

Family: A daughter, two sons and wife

Favourite tree: Ghaf

Runner up favourite tree: Frankincense 

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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
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