Saudi Aramco's primary listing will be on Tadawul, ready for IPO: El-Kuwaiz

Saudi Aramco's primary listing will be on the Saudi Stock Exchange (Tadawul), Mohammed El-Kuwaiz, Chairman of Capital Market Authority (CMA), told Alarabiya TV.

The CMA focuses on its readiness for the planned initial public offering (IPO), which will be massive in size, El-Kuwaiz said on the sidelines of the Euromoney conference in Riyadh.

"Assessment procedures for the IPO readiness started some time ago. Many obstacles have been overcome through opening the Saudi market to foreign investors, maintaining development and joining emerging markets indices," he added.

All regulations were tested to ensure readiness for Aramco's massive IPO. These regulations were proved to be appropriate for the offering, as the market has become well qualified to receive offerings of any size.

On the size of the planned offering on Tadawul, El-Kuwaiz said this decision is yet to be taken by the company's board of directors, shareholders and relevant decision makers.

Nevertheless, he added, that the CMA is keen to ensure that the market is qualified for the offering, regardless of its size.

Saudi Aramco chairman had earlier expected the oil producer to go public in the next 12 months, El-Kuwaiz said, adding that focusing on launching it within a short time, without considering the market conditions, would not be in the best interest of exporters and investors.