⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Aramco Sale Gets Going on Saudi Highways and at ATMs

Published 11/06/2019, 07:33 AM
Updated 11/06/2019, 08:21 AM
© Reuters.  Aramco Sale Gets Going on Saudi Highways and at ATMs

(Bloomberg) -- For what’s likely to be the world’s largest initial public offering, the marketing campaign at home in Saudi Arabia appears to be starting gradually.

Advertisements to drum up interest among Saudis in the sale of their oil giant, Aramco, appear on a few billboards, bank machines and online, though even in the urban sprawl near the company’s Dhahran headquarters you had to look for them. There were a couple on the highway from the city of Al Khobar to Dammam and at an ATM in the vast Al Rashid shopping mall.

The sale kicked off on Sunday at a news conference broadcast live from Aramco, and many Saudis have said they’ve been saving up to buy into the industry that has fed their economy for decades and underpins Crown Prince Mohammed bin Salman’s transformation of the kingdom.  

The ads focus on the company’s journey to the stock exchange with images of engineers in hard hats depicting industry and growth. The slogan is “Saudi Aramco: Coming Soon to Tadawul.”

There’s a lot riding on this sale. Aramco and the banks managing the IPO are coordinating the campaign and the aim is for it to snowball in the coming days and weeks. It will be on the radio, main television channels and in newspapers.  

The Alyaum newspaper based in the oil-rich Eastern Province carried a banner at the start of its local news section, while the Asharq Al-Awsat daily had a full page including a tagline saying the IPO reflects “the belief of the kingdom’s leadership in the importance of Saudi Aramco.”

To contact the authors of this story: Rodney Jefferson in Edinburgh at r.jefferson@bloomberg.netDonna Abu-Nasr in Riyadh at dabunasr@bloomberg.net

To contact the editor responsible for this story: Paul Sillitoe at psillitoe@bloomberg.net, Will Kennedy

©2019 Bloomberg L.P.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.