Saudi men look to a screen showing stock prices at ANB Bank, in Riyadh Saudi Arabia September 15, 2019. REUTERS/Stringer. NO RESALES. NO ARCHIVES
© Reuters

Further to “Aramco advisers nurse IPO wounds” (November 20): Mohammed bin Salman, Saudi crown prince and the power in Saudi Arabia, launched his 2030 vision for Saudi Arabia as a way to reconfigure and ultimately reduce the Kingdom’s dependence on oil and diversify the economy. The Saudi Aramco initial public offering is the centrepiece milestone in this project.

But curiously, although the valuation is a tiny sum by global standards, Aramco, an oil group, is set to become the largest company on the Tadawul Saudi stock market, at a whopping 77 per cent of the constituents by composition. How will that aid the shift to a more balanced economy with less dependence on oil?

Taymour Abousaada

London W1, UK

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