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In response to reduced oil revenues, Saudi Arabia proceeds with selling state assets to raise capital and stimulate the private sector. The country's stock exchange, Tadawul, selects HSBC Holdings PLC's unit to manage its planned initial public offering (IPO). This move is seen as an important step toward economic reform, with Saudi Arabia planning to publicly list up to 5% of Saudi Arabian Oil Co. (Saudi Aramco), potentially raising significant capital for the kingdom.
Saturday, 7 May, 2016