Main income: An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq. Oil accounted for more than 60% of Saudi Arabia’s fiscal revenue in 2017. — Reuters
SAUDI Arabia’s Crown Prince Mohammed Bin Salman may have lowered his valuation-target for Saudi Aramco as it prepares an initial public offering (IPO), but some of the world’s biggest investors say he’s not gone far enough.
Money managers including AllianceBernstein and Frankfurt-based Union Investment Privatfonds believe the energy giant is worth less than the figure of about US$1.7 trillion that the prince is now said to be willing to accept, down from US$2 trillion initially.
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