Tadawul aspires to be exclusive venue for Aramco IPO: report

Saudi Stock Exchange (Tadawul) aspires to be the exclusive listing venue for the planned initial public offering (IPO) of Saudi Aramco, Financial Times reported, citing Tadawul CEO Khalid Al Hussan.

“Our aspiration for Tadawul, as the main exchange in the region, is to be the exclusive venue for Aramco,” Al Hussan told FT on the sidelines of Future Investment Initiative (FII) in Riyadh.

He added that the Kingdom’s highest authorities are yet to make a final decision on the structure of the IPO – for which New York and London have been vying to be the international host.

“We are doing what (it) takes to make sure Aramco is listed here (in Saudi Arabia) only,” Al Hussan was quoted as saying.

While acknowledging the interest of global stock exchanges, Al Hussan he said he is working to ensure that the legal, reguatory and operational infrastructure is in place to make Tadawul the sole venue.

“We aim and work hard to be the exclusive listing venue,” he said. “This will change the position of the Saudi stock exchange and the Saudi capital market on the exchanges global map.”

Al Hussan added Tadawul has not been approached to be the sole exchange yet, but “it aspires to be the sole exchange.”