News

London's Aramco bid in doubt

London_Stock_ExchangeLondon's chance of hosting the listing of Saudi Aramco was in doubt after politicians questioned proposals by the UK regulator to facilitate it. The chairs of the treasury and of the business, energy and industrial strategy committee wrote an open letter to the Financial Conduct Authority raising concerns that by relaxing stock market rules to accommodate Aramco, investors would be left unprotected. The politicians said they wanted to explore the reasoning behind the authority's consultation on initial public offering (IPO) rules, “particularly given the concerns expressed by stakeholders that these proposals would weaken protection for private investors against interference from foreign sovereign company owners”. Aramco is planning an IPO next year and is expected to dual-list its shares in Saudi Arabia and on an international exchange. The offering is likely to create the world's largest listed company. Among the unusual aspects of the IPO is the Saudis' desire to list only 5% of Aramco, which means the listing would not usually be accepted for the London Stock Exchange, which typically requires at least 25% to be floated. ©2017 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.