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Saudi Arabia and the “Vision 2030” plan, which aims to fundamentally transform the economy

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Saudi Arabia and the “Vision 2030” plan, which aims to fundamentally transform the economy

Saudi Arabia has successfully raised an impressive $12.35 billion from the sale of shares in Aramco, the world’s most valuable oil company, according to a document seen by Reuters

This move is part of the kingdom’s ambitious “Vision 2030” plan, aimed at fundamentally transforming the economy and diversifying revenue sources beyond oil dependency.

The success of this share sale will further fuel Saudi Arabia’s ambitions to invest in new industries and diversify its economy under the Vision 2030 plan. As part of this strategy, the kingdom raised an additional $1 billion by exercising a so-called greenshoe option, which allows banks to sell more shares when investor demand is strong.

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Last month, the government sold a 0.64% stake, approximately 1.545 billion shares, in Aramco at a price of 27.25 riyals ($7.27) per share. Additionally, 154.5 million shares were placed through American bank Merrill Lynch, acting as the transaction’s stabilization manager.

Aramco shares have risen by 3.3% since last month’s offering, now trading at 28.15 riyals per unit. Merrill Lynch stated in a document that it has exercised its over-allotment option and that the one-month stabilization period ended without such transactions.

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Vision 2030: Saudi Arabia’s Ambitious Transformation Plan

Saudi Arabia’s Vision 2030 plan is built on principles of reform and sustainability, aiming to transform the kingdom into a unique hub for all things recreational, educational, and informative. Focused on expanding and growing sectors including workforce, health, housing, investments, culture, entertainment, and food, the plan seeks to enhance quality of life and healthcare, increasing life expectancy from 74 to 80 years.

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Launched by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Vision 2030 aims to diversify Saudi Arabia’s economy by reducing reliance on oil, with three key objectives focusing on societal development, economic enhancement, and national fortification overall.


OM... Cu aripi fragile de fluture

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