Saudi Aramco, the Gulf kingdom’s state-owned oil giant, is offering fresh shares at a crucial moment for economic reforms struggling to attract foreign investment. The sale of 1.545 billion shares could bring in nearly $12 billion, supporting ambitious projects like NEOM and luxury resorts as part of Crown Prince Mohammed bin Salman’s Vision 2030 agenda.
However, analysts question the long-term viability of these projects and foreign investors’ reluctance to commit to major ventures in Saudi Arabia. Despite setbacks, officials remain optimistic about Vision 2030’s progress, with non-oil GDP growth at 4.6% in 2023.
Challenges persist with flagship projects like NEOM, while others like the Red Sea Global development show progress. As the kingdom prepares for events like Expo 2030 and the 2034 World Cup, additional Aramco share sales may be on the horizon to fund these initiatives.
The world’s largest oil company, Aramco, remains a key asset for Saudi Arabia, with its low-cost production and vast reserves attracting investor interest despite the uncertainties surrounding Vision 2030.