Trump, Saudi minister agreed that US banks will manage Aramco IPO: sources
DEBKAfile was founded by a team of journalists in June 2000 as an independent Internet Web site, providing an intelligence and security news service. March 30, 2017, 1:38 PM (IDT)
DEBKAfile's sources said Thursday that US President Donald Trump and Saudi Deputy Crown Prince Mohammed Bin Salman agreed during their March 14 meeting that US banks will manage the initial public offering for Saudi Arabia's state-owned Aramco oil company.
Aramco, one of the largest oil companies in the world, announced Wednesday that it had chosen US firms JPMorgan Chase & Company, Morgan Stanley and HSBC as financial advisers for the highly-anticipated IPO in global markets.
After the meeting in Washington, the deputy crown prince started implementing his “Vision 2030″ plan that aims to modernize his country's economy through privatization and expansion of major sectors including industry, tourism, education and medicine, in a shift from Saudi Arabia's nearly total dependence on the oil sector.
Trump and the deputy crown prince also discussed joint moves by the US and Saudi Arabia against Iran, as well as ways of reaching a peace agreement between Israel and the Palestinians, during the talks in the Oval Office.
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Source: http://www.debka.com/newsupdate/20242/Trump-Saudi-minister-agreed-that-US-banks-will-manage-Aramco-IPO-sources
