Monday, 17 April 2017

HSBC predicts 100 Saudi Arabian listinHSBC predicts 100 Saudi Arabian listings in privatisation drivegs in privatisation drive

Saudi Arabia's privatization drive is likely to result in around 100 new stock market listings in sectors including mining, healthcare, and retail, a top HSBC executive said on Monday. Georges Elhedery, HSBC's chief executive for the Middle East and North Africa, did not give a time frame for the listings but said they were part of Saudi plans to diversify its economy beyond oil by 2030. Close to 180 companies are already listed on the Saudi market and HSBC is advising the stock exchange on its planned listing of its own shares, the bank will play a key advisory role in the upcoming listing of national oil giant Saudi Aramco.

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